I guess like many activities, various sexual ones come into and out of fashion. Similarly where you were raised influences your sexual preferences. For example, I was raised in England during the 60's. Spanking, slippering and caning were daily activities at my school. When you are 13, and a girl is brought to the front of the class, made to recite what her transgression was, and what the punishment for it will be, then told to raise her skirt and smacked 6 times with a plimsole (a light weight running show) you may get aroused. The target may be aroused knowing her punishment has aroused some of the boys. A new pervert is born!
For me it is more about the power dynamic, the girl saying "Please sir, I have been naughty, I need a spanking". Her willingness to accept a little pain to demonstrate her passion for me is an aphrodisiac. And besides I love kissing it all better afterwards. In the 80's and 90's NOW magazine had a dozen or so women offering to be spanked each week. Many were very smart, and very talented. I even hired one to be my assistant at work!
Probably appropriately it is no longer fashionable for women to be the damsel in distress. We no longer demand our women to be submissive - but I do so love to care for a woman - to have her need me - to need my touch - to want to please me - to want to be punished if she has failed so she will not fail again. When a naked SP slides over my lap, and looks back at me and says "please sir" ... But I guess I am old fashioned for a few hours at least ...