This is an interesting point. I hadn’t thought of this. But now that I have, I guess the idea of calling other human beings by diminutives can get complicated fairly quickly. There is definitely a power dynamic involved, but for different reasons when such terms are applied to straight white men, gay men, and transgender women, etc.
Most white men don’t refer to one another as “boy”, but some people occasionally do, for the purpose of arguing the innocence of some malfeasance they’ve been accused of. I’m not sure how to think of it when gay men cal leach other the term. Is it a diminishment? A term of endearment?