In gay communities, "daddy" has described a specific type of man for decades: older, masculine, confident, and often protective or a mentor to younger men. The type overlaps with bear and leather culture, which value a mature, bearded, masculine appearance, and in those settings "Who's your daddy?" works as a flirtatious line that draws directly on it.
When people on social media call an attractive older man "daddy" today, they are using a term gay men used first. It moved into general use through online culture in the 2010s and produced a variant, "zaddy." Where "daddy" centers on age and masculinity, "zaddy" emphasizes style and confidence: a well-dressed, self-assured man who is attractive regardless of age. The term spread through hip-hop and social media and is now common in mainstream slang.