Hello and welcome to HCM.
Thank you for your query.
Males are characteristically supposed to have rudimentary nipples and thus the have to be small principally, and females are supposed to have well developed and much larger and functioning areola's and nipples. But in some males, who are either mildly
obese or have other risk factors (eg. medication, etc.) that could result in slight development of the chest, result in having
gynecomastia. Gynecomastia results in a increased size of the male chest, making it look like a female breast. This can result in puffy or slightly larger areola's and nipples. Puffy nipples in females is common.
Another cause is also the effect of
estrogen in the male body. Both the theories put forward by you are true, and depending on your built and other factors, we will have to treat the cause, which should help in either reducing the size of your areola's and nipples or at least prevent further progression.
I hope I have succeeded in providing the information you were looking for. Please feel free to write back to me for any further clarifications. I would gladly help you.
Best wishes.