I was actually in the Air Force when the film came out, sometimes briefing US fighter pilots on Soviet pilot tactics, much like Cruise's love interest in the film.
I watched the film with colleagues, and we spent a lot of time hooting and hollering about what they got wrong and what they got right about air tactics.
I certainly appreciated the eye candy, I mean as a gay man, but I had the sense that my straight friends were identifying more with the straight romance storyline.
I think most people were, honestly. Top Gun was escapist fantasy that appealed to the Zeitgeist of the times, featuring patriotism, militarism, and fiercely anti-Soviet attitudes.
It was made as a film for boys and young men, who wanted to be Tom Cruise.
Homoerotic? Sure. Did most people really see any of that? Didn't seem like it at the time.