The discrepancy between the weak lensing (WL) and the {\it Planck} measurements of $S_8$ has been a subject of several studies. These studies tend to show that a suppression of the amplitude of the mass power spectrum $P(k)$ at high $k$ could resolve it. The WL signal at small-scale is sensitive to various effects, such as baryonic effects and intrinsic alignment. The accuracy of $P(k)$ depends on the modelling precision of these effects. A common approach for calculating $P(k)$ relies on a halo model. Amongst the various components necessary for the construction of $P(k)$, the halo mass function (HMF) is an important one. Traditionally, the HMF has been assumed to follow a fixed model. Recent literature shows that baryonic physics, amongst several other factors, could affect the HMF. In this study, we investigate the impact of allowing the HMF to vary. This provides a way of testing the validity of the halo model-HMF calibration using data. We find that the {\it Planck} cosmology is not compatible with the vanilla HMF for both the DES-y3 and the KiDS-1000 data. When the cosmology and the HMF parameters are allowed to vary, the {\it Planck} cosmology is no longer in tension. The modified HMF predicts a matter power spectrum with a $\sim 25\%$ power loss at $k\sim 1~{\rm h/Mpc}$, in agreement with the recent studies. We show that Stage IV surveys will be able to measure the HMF parameters with a few percent accuracy.
Comment: 16 pages (including appendixes), 10 figures, 3 tables, main results in Figs. 5&6