queer coding!
i mean, not entirely... but a lot of people have come to relate to and celebrate villains such as disney hades and scar due to their gay-coded traits making them... a lot of fun, and a complicated point of recognition for a lot of lgbt people. the flourishes and snark of a villainous old queen (in the gay sense) are certainly sexy
theres also the idea that (straight) women are drawn to villains bc they like a 'project' - a damaged character they can work to 'fix.' i dunno how much weight that holds, but it may be true for some people - theres certainly a lot of 'i wanna wrap this damaged baby up in a blanket'
theres also power fantasy tied up in villains - theyre badass, through them you can vicariously throw off taboo and embrace a violent nature. their enticement might also tie into kristevas theory of abjection; the abject is (roughly put) the other, the Not Us, and the stories we tell work to separate the object from the abject through reinforcing taboo and morals. however, in the separation there must first be a blurring of the boundaries, and the abject is simultaneously repulsive and alluring............... im still gathering my Thoughts on this, i just read about it today
for me personally, its a lot of that last suggestion - theyre a great outlet for violent impulses. i connect with their common origins in betrayal and alienation, and theres recognition in their bitterness. a lot of villains we see in media also end up manifesting marginalisation - a la queercoding - and because of the various ways ive been marginalised in life, they naturally speak to me.
that said, i feel far more for the old generation of villains like scar or magneto who were outcasts more than anything over some more contemporary villains like kylo ren. there seems to have been some kind of post-twilight shift to the fetishisation of unstable-to-abusive men in our villain loving. i just want traumatised bisexuals in tights!