Didn't human have ancestors (if you are a scientific person and believe in the theory of evolution) that were hairy and had thick-soled feet? Well, we Men developed boots and shoes and the like, and hobbits didn't! So therefore, they retained some of the qualities of our ancestors, including exceptionally hair feet.
As to their height... Who knows?
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"What shall we do, what shall we do!" he cried. "Escaping goblins to be caught be wolves!"
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