yes it does happened in real life but mainly in the west as the ang mos are more open and kinkier than asians.
cuckolding is ultimately sex occurring within the psyches of the dominant wife and the cuckolded husband. It is an act of female liberation and male humiliation.
The husbands usually wants the wife to treat them a certain way. This might include humiliation, extreme domination, watching a wife in sex acts with a lover, having the lover humiliate the husband and chastity belt play.