This has been really interesting, I'm trying to digest all the points of view from this conversation, and probably not doing a great job.
Premise (and I am not sure I believe this 100%, but I'm going to take it as my position for now) :
I think there are deep psychological differences between women and men, and bike racing doesn't match that well with a lot of women's motivations. Sure there are other reasons (mentioned above) that women participate less in bike racing than men, but I think we should acknowledge this one, without judging it.
I'm 47, have been racing for one year, which I never thought I would do, and have been riding forever. I consider myself a feminist -- I'm old enough to say that and think back with respect for my mom, rather than with scorn that many men and women heap on that term.
I used to be in an all women's club (The Title Nine store's club, ironically enough) and all the racers left when the team changed sponsorship, and left the non-racers behind in a fairly strong club. My friends/the people I liked riding with were the racers. I didn't want to race, so I stayed in the club for another year, but that wasn't a good fit, I was still riding with my racer friends, so I bit the bullet and joined the race team that most of my friends went to, which is a mixed-gender team with a 5-race per year commitment. I figured I could do 5 races even if I hated it, and I would know after the first year if it was a fit.
Well, it turned out I love the competitive part, even more I love the learning part, and I'm doing pretty well (which doesn't hurt), I ended up with 22 races last year. And even though I did crash in a race and hurt myself, it still is appealing. (Aside - I haven't raced since the crash due to to the season being over, so we will see in a couple weeks how I feel.)
Anyway, I don't know that I would have started racing without the social motivation that my friends were doing it. Advertising at centuries (which I did and still do) would not have been a factor. But what keeps me doing it is the competition and the learning. I love the learning, the problem solving, that's what I'm about.
Apart from that, one definite factor in me trying crit racing was that we have a local weeknight series here, that is targeted at women and junior development. The promoter made it FREE for juniors and Cat 4 women and $5 for other category women, it's $18 for men. So, this is speaking against my premise, and showing that yes, if there are more races targeted at women, maybe more will try it... however.... most of those races I did have fewer than 5 women. Five. Free racing. In Boulder CO.
I think there was one with about 12 women, mostly because the former Title Nine club brought a bunch of gals out to try it together.
There is an element of not wanting to get hurt. I hear women say that a lot.
But, I think that many women don't like direct competitiveness the way men do. I think the events that attract more women tend to be the more "everyone's a winner" kind of things (like centuries or charity 10ks), or things where you compete with yourself for your own best time, like Triathalon. Hill climbs and time trials are really popular with women here, and I think that's a combo of not-getting-hurt and competing with yourself.
A lot of women don't seem to like, feel comfortable with, or think it's ok to be directly competitive, like you have to be in bike racing. Bike racing has winners and losers, and you have to be OK with losing. And winning. And trying to win without apologizing for it.
I've heard people complaining that someone was a ***** because she wouldn't work with us. I think women equate competitiveness with being mean, a *****, non-cooperative... it's personal. I think that is a terrible mistake. Chick wasn't a *****, she was using a racing tactic.
There's one woman in our 45+ field who uses this psychological fact about women's racing to her advantage - she gets other racers to do what she wants by twisting them up "hey aren't you going to pull, it's your turn" or "are you going with her?" "can I have a sip of your water" .... ok fine, that's a tactic too. She's notorious.
My sense from my friends who do triathalon is that it is much more of a self-referential accomplishment - can you go the distance, can you beat your
PR - rather than in bike racing, can I beat HER. It's not competitive in the same way. It certainly is an accomplishment, those events are hard, and some of the participants are certainly racing their hearts out. But a lot of them are just in it for the finisher's medal, the IronMan tattoo, etc. It's all "you go girl" not Hah I crushed your soul, I beat you to the line, I tricked you into leading me out.... Totally different.
Anyway, I don't where exactly I'm going with this..... other than I don't think you can lay the lack of women racers right at the feet of the promoters or the governing body.