But I can see that causes lots of contortions for those sticking to the story that “they are just as good and capable as the men” (which we scientifically know is not correct), because the only way to make them interesting would inherently involve accepting the inequality and then using that as an advantage or leverage to create interest.
What makes sports interesting is relative competition, not absolute performance. Why have weight classes in lifting? Why have women’s categories? Why have junior races?
Some of your points are true. Men are faster and women are watched less. And contrary to what you claim, nearly everyone accepts these as facts. But they aren’t equivalent to the minors because they are the pinnacle within their defined category (women).
Also, throwing in some cat 3 males would not do anyone any good. It would only distort the race and create fodder for the “this is boring because they’re slower than men” crowd.