Is the reason, quite frankly, that even the best of them are not strong enough to compete with the best men so they are given their own arena within which they can be competitive?
That's what countless troll topics like to insinuate, or as in your case, explicitly state.
Female titles and tournaments are for the purpose of attracting more female players. Whether or not it's necessary, effective, or worth it is debatable.
They have their own grandmasters and their own World Championship. Why do we need WGMs? Can they not just become GMs? And why do we need a Women's World Championship? Can they not just go after the real World Championship?
Is the reason, quite frankly, that even the best of them are not strong enough to compete with the best men so they are given their own arena within which they can be competitive? Or is there something else to it that I'm missing?