Like many things, the fashionableness of hairy chests (on men, that is!) comes and goes. At present, the smooth look does seem to have the upper hand. For me, personally, although it is hardly critical, I like a man with hair on his chest. If a guy's naturally smooth, that's perfectly ok, but to deliberately get rid of it is a shame. Granted, some men who are hairy do benefit from some good trimming here and there to avoid looking like an ape. Nonetheless, I expect adult males to have at least some body hair, and I do find it unattractrive and girly when they shave their legs and underarms.
I do have hair on my own chest, although it is fairly light in distribution and in color, so it doesn't show up all that well. My father is hirsute, and I have always felt rather cheated that I do not take after him in that respect. Oh, well.
So, if you are reading this and you are a hairy-chested guy, you look great and leave it be!
