There ought to be a continuum of possibilities here. A broad range.
At the extremes are :
1. People who want to deny the existence of male genitalia. At the moment they've stopped at board shorts, but trust me, in a year or two they will have us all in elegantly ruched crinoline skirts.
2. People who want everyone else's attention focused on the exact size and shape of their genitals at all times.
I think speedos can exist somewhere in between. And that should be OK. What's happening
might be that one or two people - in speedo style swimwear - have veered more toward mode (2.) above in the past. People may have found very clear displays of the exact size and shape of a glans as somewhat off putting. And then the reaction against that has been extreme - let's get everyone in baggy shorts that are difficult to sit in or swim in or move around comfortably.
The idea that I need to be uncomfortable just to protect other people from the information that I have genitals is completely and utterly absurd. Would we try to deny the existence of fingers, ears, or feet? How completely ridiculous.