I think it is a holdover from a less clean time (when it actual had a practical purpose) that only remains acceptable because it is backed by some big religions.
I don't like it. I don't think it should be done unless it is absolutely medically necessary for the child in question.
Berethond said:
There is absolutely no reason to.
And fucking aesthetics is NOT a valid reason to chop part of their dick off.
I don't say it very often, but "This".
Why don't you let them grow up a little and then decide if they want a "better-looking penis".
Because if they grew up they would be pretty set in the concept of "don't allow any damage to my penis... ever" which would make the near universal answer be somewhere between "no" and "no" (but with lots of swearing).