Most fantasy settings are put in a timeframe similar to real-life medieval era.
In that time, women shaving underarms was mostly only does to reduce sweat and smell in hot summers, and leg shaving was merely a matter of personal tastes and comfort.
But a shaven groin on a woman suggested only one thing - that she'd recently had a case of lice and had to shave to get rid of them, and was also probably a prostitute to have picked up the little pests so easily.
In other words, bald cunts are for filthy whores.
Sidenote, elves shave regularly. orcs do not. So logically, elves are all pest-ridden sluts.