It's definitely interesting how this stuff suddenly blew up. The "trannymaxxing" stuff has been around for years by now.
However, a month or so ago, it got picked up by a few right-wing personalities, and then it just spiraled from there.
Mostly, I think this is a combination of them attacking trannies, since left-wingers are really heavy on how you can't just choose to change your gender and how just about every transition is rigorously checked by doctors to make sure that the person is truly transgender, and pointing out how crazy left-wing and gynocentric the current society is.
It's definitely the first one because of how the lefties react to it. Well, don't react, really. When you look at who's talking about this, it's all right-wingers, with the lefties not speaking a word about it and denying it exists, just as they do with detransitioners, tranny posts reposted on KiwiFarms, and absolutely everything else that goes against their narrative on transgenderism.
Likewise, the right-wingers who talk about this, clearly only use it for shock value, and to complain about how feminist the society is. "Look, this ugly guy pumped himself full of hormones, because he had no chance otherwise." It gets their message across, and they can also, more or less indirectly, mock the poor guys who do this. They don't know what we are really about, they don't care, but now, they can use us as weapons against trannies, so they are pushing this now.
So yeah, it's definitely, "All of the above and more."
Also, I'd point out that TERFs have actually noticed transmaxxing a fair time ago, and have been talking about it ever since, so this could likewise be just other right-wingers taking TERF talking points now that it's blatantly clear that they are on the same page regarding trannies.