The problem is that pheromones are often associated with physical characteristics, and so it's hard to really distinguish the two. A guy with high test, which may be attractive to a female due to the smell, will also tend to have greater expressed secondary sex characteristics, which are also attractive.

To put it another, a weak man rubbing pheromones on himself isn't going to make panties drop, but it can help them drop at higher rate if you already got pull.