It has partly to do with that most men buy terrible shoes. Particularly dress shoes, but they also tend to buy ugly sneakers.
Shoes are actually the easiest thing to understand, to the point many newbies on StyleForum start out by expanding their shoe wardrobe. It's hard to tell an expensive suit from a cheap one, but easy to tell a good shoe from a bad one, if only men would spend any time at all thinking about it.
A pair of Allen Edmonds dress shoes is $325 or so. Seems like a lot, but 1) they look ten times better and 2) they last ten times longer. In an office environment where the "best-dressed" men wear hideous $200 KC glue-jobs that fall apart after a few years, you can one-up them while saving money. Pretty neat. Most dress shoes have hard leather soles, but this isn't a big deal unless you walk several miles in them every day.
I can't explain why women love foot-destroying heels. It makes no sense to me.