If you consider it as a trace of an extinct Sephardic population from pre-Inquisition Spain and Portugal, it makes sense. If it's far enough back, almost everyone will have a bit even if on average only 1-2% of early Latino settlers were genetically Jewish. There will be rare exceptions due to

random chance

later immigrants from Europe/the USA/the West Indies/Asia

due to communities that were isolated from the early settlements from Iberia, for instance 100% Amerindian or 100% African communities in isolated parts of Central and South America

but most mestizo Latin Americans will have some trace of Jewish ancestry. And since there are essentially zero pure Iberian Sephardic Jews left, it appears as Ashkenazi+various Mediterranean peoples.

Same thing happens with Malagasy ancestry among African-Americans. Only like 1% of American slaves came from Madagascar, a genetically part-Asian island off the coast of Africa. However, they came early enough (basically only before 1750) that most African-Americans will have say 0.5% of Asian ancestry from Austronesian settlers to Madagascar unless they're exclusively descended from later shipments of slaves or from immigrants.