I’d describe it as “If the only emotional tool you’ve got is a hammer (anger), then everything starts to look like nails.”
The political right and socially conservative elements of our country have not only not moved away from what we’re calling toxic masculinity, but are actively embracing it and celebrating it.  Which means that men are taught and expected to “suck it up”, “adapt and overcome”, “deal with it”, “be a man”, and all that.  They’re expecting men to solve their problems and if they can’t, then shut up about them.   And the only real emotions they’re allowed to show are anger/frustration, a minimal amount of sadness, and fairly tightly reined happiness.  Everything’s supposed to be under control at all times and pretty macho.
So when they’re confronted with the situation where they’re losing status in the world at large, being told that this macho way of behaving is “toxic”, they react how anyone would react- they get afraid, they may feel a little guilty, and they are sad and mourn what was.  And in their world, they can’t express guilt, fear or sadness (you DID everything deliberately, so you’re ok with the outcome, right?), so it comes out as anger, and that anger is directed at those who they perceive as the benefactors of this change and/or those who they perceive as driving the change.  So minorities and/or people who don’t conform to their particular view of the world (liberals, foreigners/immigrants, LGBTQ), are in their crosshairs as the target for that anger.
Of course, deporting a bunch of poor Mexicans doesn’t really make their own lot in life any better, but they perceive it as at least a blow for their side.  Same thing with hostile legislation toward anyone on that list.
I’m starting to wonder if in the long run, maybe changing attitudes on masculinity and on things like the value of experts (to quote Asimov, " the false notion that democracy means that 'my ignorance is just as good as your knowledge.”), might be the way to get back away from this extremely polarized situation in the country.
And I’d say that calling it “privilege” is exactly the sort of thing that gets their hackles up. In common everyday usage,“privilege” typically implies a certain degree of unearned/undeserved benefit that the average person doesn’t have.  Which isn’t the case here;  they’re not unusually privileged- what white men have is what everyone should have;  others are underprivileged.  Which is how it ought to be portrayed;  describing white men as “privileged” has an implication that they don’t deserve what they have, and that they should be pulled down a notch or that they’re expected to give something up.  Which as you might imagine, doesn’t win any fans from people being described that way.