Final answer:
Hot Jupiters likely formed further out in their solar systems and then migrated inwards due to interactions within the disk or with other planets. This concept has led to the revising of traditional planet formation models to include planet migrations.
Step-by-step explanation:
The best explanation for the location of hot Jupiters is that they formed further out in the protoplanetary disk and then migrated inwards towards their stars. This migration is thought to be a result of interactions within the protoplanetary disk or later gravitational encounters with other planets. Planet migrations are a key component in the understanding of hot Jupiter formation, as the traditional model of planet formation at cold distances where water ice can condense does not account for their present close-in orbits. Furthermore, evidence suggests that gravitational interactions also played a role in the outward migration of other giant planets like Uranus and Neptune in our solar system.