Seems so to me. If all these people actually were obsessed with MLP, wouldn't it make sense that there would be other huge communities on the internet, based around shows like Nihao Kailan and other shit? People are just jumping on the brony bandwagon at this point, to feel like they belong to something, maybe to even define themselves. Another question is, why do you choose to define who you are with a show that's designed for little girls?
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Speaking as a former brony, I can say with confidence that I became one because I wanted to be a part of some larger group of people. I wanted a sense of community, and the brony fanbase gave that to me. I've since stopped watching the show, but I enjoyed the time I spent watching.