I'm sure part of it is genuine bro-science dumbassery, though: over the years I have probably overheard a dozen gym conversations indicating that someone thinks TRT will reverse their balding or improve their hair. The truth is exactly the opposite -- male hormones tend to exacerbate male pattern balding, because of course they do. I think many people try to model the world by attaching a "good" or "bad" bit to everything and there are cases with steep tradeoffs where this goes very wrong. TRT is one of them, and once they've decided "TRT good" then "TRT fixes hair" and "TRT fixes aging" are compression artifacts.
I still suspect it's mostly astroturf.