I have seen many balding guys with ponytails and it really strikes me as one of the saddest looks going (and this coming from a former longhair who NEVER thought he'd cut it--at least back in the 70s). To me the bald ponytail is sadder than a combover. It's trying to scream out "I'm young, I'm hip", or maybe, "My heyday was the 70s-- how could they have passed by?!?!?!" It's like refusing to join the adult world; it seems soooo self-deluding , etc etc. ....
I don't know why they don't realize they'd just look "better" --- more mature, more masculine, more in touch with themselves, if they at the very least would buzz it down close, or even shave it all. It may be "the natural look" , but its just as sad as wearing a toupee' or being a hcfm victim.