Dittos to Underhill's statements.
Tolkien was a WWI combat veteran. He would have well known about the bonding of men (or male hobbits) who live through great peril.
In those days, homosexuality was a lesser known part of society. Remember that we are almost talking Victorian sensibilities here.
Hobbit culture is quite innocent. Hobbits do not even marry until rather late in life. In fact, all of Middle-earth is presented in a fashion that almost ignores sexuality entirely. Love of various sorts is presented in high and exalted fashion. It is a thing of beauty and duty and selflessness and awe.
The work has little to do with sex. Sam blushes to think of Rosie. There is unrequited love, there is love deferred, there is the love of friendship, there is the love of fealty, the love of master and servant, even the loves of battle and of lore and of land and sea and stars and song.
There is a lust for power, but Tolkien does not deal with sexual lusts, except for the darkest hints of the fate of Celebrian.
He wrote in a time when folks thought the expression "happy and gay" somewhat redundant. Now, 64 years and more since THE HOBBIT was written, our culture has changed so that we find questionable the innocent relationship of Frodo and Sam, master and servant, life long friends, and companions in trial and torment.
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