Think of it this way:
There are 29 women who are Grandmasters.
I don't know for sure how many women are still alive who have won the World Championship, but I'm pretty sure it's far less than 29. And most of the women's world champions were grandmasters before they won.
Having said that, the tournament format for the last women's world championship was a bit of a lottery, much in the same way that Ponomariov and Kasimdzhanov won world championships.
Ushenina's rating has hovered around 2500 for a while now. She is certainly GM strength.
Meanwhile, Lilienthal and Epishin were both grandmasters who failed to solve the B+N mate over the board. I'm still surprised that a modern GM wouldn't be able to do it, but Ushenina's credentials are not dented by that. She is still 2450-2500 strength.
And I disagree with Estragon, because to win women championship knockout is definitely harder (a lot!) than achieve GM norm.