In the new Toy Story 5 trailer, Woody appears with a bald spot on his head, which is a notable change from his usual fully covered cowboy hat look. This design choice likely reflects the storyline's progression and character development, possibly symbolizing wear and tear from his adventures or a new phase in his life as a toy. It may also be an artistic decision to show aging or vulnerability, adding depth to Woody's character. However, Pixar has not officially explained the specific reason for the bald spot in the trailer, so interpretations remain speculative until more information is released or the movie premieres.