This one's not so very tough to figure out.
There's a lot of curiosity involved - the role reversal, the idea of the body going through something it wasn't meant to, the peek at the other side - and on the giving end there are certainly plenty of guys who find the idea to be a compliment, that they're so virile they can knock up anything. It can be a violation, too; of boundaries: that's a line man was not meant to cross, so crossing it can be hot as the 'safety' of their maledom, what keeps them from having to experience pregnancy, is shattered; of identity: there are plenty of male-centric fetishes that break down the idea of maleness into a zero sum game (it's always been a popular way for men to think of it - not a healthy way, but popular) and being knocked up is one way of shattering a rival-or-something's masculinity.
But it can also be a search for deeper meaning, for connection. Hard to deny that there's something v. primally satisfying, an unspoken connection, when a man is giving of himself and a woman receiving and transforming it. Lovely as purely masculine fun can be that's not something it can replicate; mpreg is a yearning for something that's missing but desired. At the same time it's not -exactly- a wish for homo to be more like hetero, homo pregnancy (whether it's m/m or f/f) is stepping into the realm of fantastical possibility, of what conception would be like for these dynamics. It's moving beyond the strict physicality of conceiving into the metaphysical idea of it and that's actually a big part of why it's not something everyone will get.
To be perfectly frank when it comes to pregnancy the actual physical mechanics are exactly what gets them off for many; fantasy conceptions that dip into realms of abstraction will just make them scratch their heads and say "why not just do it the normal way?".