Male characterization in literature and film greatly influences whether or not those male characters can be perceived as having romantic chemistry with other male characters, even outside of the intention of the writer(s). This is popular among fans of tv shows, movies, and books where two male characters who have no romantic connection in the canon of the story are viewed to have romantic chemistry between them. Why would this happen more often with two male characters than with male/female relationships or two female characters? I think it is largely due to how male characters are written and the progression of their character arc alongside the starvation for LGBTQ representation in media. Let me explain.
It is not a secret that male characters disproportionately dominate the literary and film industries as compared to female characters. Alongside domination within the stories we see and read, their development involves ambition, drive, and depth. On the other hand, female characters are often plagued by passivity and prioritize making romantic connections instead of furthering the plot. Male characters are often more interesting to learn about because the time taken to develop them is significantly greater than that of female characters. With extended storylines and depth of character, it is often easier to draw connections between two male characters because they support each other in more specific ways than their intended female love interest. It is more fulfilling to perceive two well-developed male characters fall in love, and the implications of that for the progression of the plot, than for a well-developed male character to be handed an underdeveloped female love interest that is a “perfect” match for him.
The reason that I would not say that female characters are subject to this on an equal level as male characters is because a lot of the connection that drives the projection of romance between male characters is emotional availability. Women in media are not often starved of emotional vulnerability in the same way that men in media are. The better written the male character is, and the extent of his connection with his own emotions and the emotions of his male counterparts, is likely to be the determining factor as to if he possibly is seen to have a romantic connection with another male character.
Heterosexuality is also still largely the norm for romance in media, so starvation for LGBTQ representation is also a huge driving force as to why people would project homosexuality onto characters that are not canonically LGBTQ. (Of course this will occur with every media and between many characters of all genders, but I find it to be more prominent/stronger between two male characters). Here are some specific examples of characters who consumers of that media feel might be romantically connected despite the canon, or characters who the fans of the media feel might be a part of the LGBTQ community:
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Steve Rogers and Bucky Barnes (Marvel)
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Dean Winchester and Castiel (Supernatural)
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Stiles Stilinski (Teen Wolf)
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Harry Potter (Harry Potter books)
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Sherlock Holmes and John Watson (from BBC’s show Sherlock)
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Poe and Finn (Star Wars)
The common thread between these male characters and the questions surrounding their sexuality is entirely rooted in the depth of their character development particularly pertaining to their emotional availability and relationships with other characters in the story. The more depth or development that a character has, the more interesting they are, and the easier it is to spot which characters would fulfill their needs in a romantic sense. When that emotional connection occurs with another male character, it is not hard to see where fans or consumers of that media would connect the dots, even if the dots were not meant to be connected.