It does
Squats to Increase Testosterone
Lots more actual medical studies that support this:
Effects of progressive resistance training on growth hormone and testosterone levels in young and elderly subjects. - PubMed - NCBI
"The T response to an acute bout of exercise was not significant but did increase in both age groups. In conclusion, the data presented here indicate that
strength training can induce growth hormone and testosterone release, regardless of age, but that the elderly response does not equal that of the young."
(of course, the medical study didn't involve any hardcore heavy lifting so more typical lifters would see better results)
This is why squats are so good - I think it's because they load so much on the entire chain that the body has to generate this systemic response to cope. So yes, if you're natty, your test levels go up if you squat/dead heavy.