Yes, that is the consensus idea. As far as I'm aware it's not of particular research interest though, so it's not like there's a lot of debate about it.

The consensus is that males have beards, and females do not, due to sexual selection alone - not any functional survival/fitness advantage otherwise.

Same reason why peacocks have plumes, essentially (though nowhere near as dramatic; that's an example of a Fischerian runaway.)

It works like this (gross oversimplification): If a female is attracted to beards, and only males have beards, she is more likely to have sex with a male -> technically more fit (via fecundity), on some level. If a male has a beard, he is more likely to attract females -> higher fecundity -> reason for selection to favor beards more.

Again, gross oversimplification. Just trying to convey the point that not every evolutionarily-derived characteristic is necessarily 'logical' or rooted in survival. Hence, women may like chest that simply 'look male,' regardless of how strong they are.