@gravity3 The question might be, who does NOT have menopause belly!?
From everything I've read menopause caused my metabolism to drop slightly causing mild weight gain, my estrogen dropped leaving a higher percentage testosterone level which tracks with a male bald pattern hair thinning, darker hairs on face and fat moving into a “beer gut”, add into that lower performing thyroid causing subclinical hypothyroidism hair loss and increased belly fat.
Aargh! Aging is not for the feint of heart.
Plain old walks for extended distances (2-3 miles) makes a huge difference for me in controlling weight and belly fat. Hasn’t done much for the hair, though 😉

If you don't tell anyone, I’ve started shaving my lower face and chin every month. Amazing difference - maybe my fessing up will help someone else try it.
And powdered hair color does a great job along the hair part in providing the appearance of thicker hair. If you haven’t tried it, it looks like powered eye shadow to match hair color, or my preference, slightly darker to mimic naturally darker roots.
But back to the original question? Yes, belly fat.