Beyond Goosebumps: Does the Arrector Pili Muscle Have a Role in Hair Loss? - PMC
The arrector pili muscle (APM) consists of a small band of smooth muscle that connects the hair follicle to the connective tissue of the basement membrane. The APM mediates thermoregulation by contracting to increase air-trapping, but was thought to ...

Basically this research shows a link between smooth muscle and hair loss. It would make sense since minoxidil (nitric oxide) interacts with smooth muscles, providing relaxation.
https://pubmed.ncbi.nlm.nih.gov/7979390/ Minoxidil stimulates elastin expression in aortic smooth muscle cells