I'm not a fan of body hair, but I do know that there are lot of people who do like it. There's also already custom content that adds body hair.
But an official thing, as part of the game, I think would make it very interesting. But I think it would be done like facial hair and eyebrows. Where it doesn't grow.
But it'd be cool if you could take your male sim to the spa, and have their chest hair waxed into a shape of a heart or something. To get chest hair, they could go to a spa and have 'chest hair implants'. Because people really do get hair implants in real life. It's the only way I can think of sims being able to get chest hair when they weren't born with it, or had it in CAS.