Hubby is housewife slang that combines the words 'husband' and 'daddy.'
Fathers are known to shower their daughters with gifts and pamper (oftentimes spoiling) them by giving them pet names such as 'angel' or 'princess.'
Essentially, a woman has the option to marry a husband or a hubby. The benefits of having a hubby is that a woman is able to have both a secondary father and a husband in one package.
When a woman brags about her 'hubby,' she is implying that she is a worthless being, and that her hubby is solely responsible for her family's well being.
The female equivalent for 'hubby' is wifey