We only see Clark when he has no chest hair but maybe we only see that because he does shave it off with heat vision not because he doesn't have any.
Kind of like Dean Cain? (But not with heat vision.)
When I read this I got this image of Lois with heat vision shaving a Clark who has had a problem with a hair growth formula. Our nice clean cut Clarkie Poo now looks like Chewbacca.
I actually read a story many years ago where Clark became quite hairy when he was pregnant (yes, pregnant). The story was quite bizarre.