This leads me to believe that you haven't actually see it in action, and I wonder how much you travel on public transport. Absolutely it is a problem - I can't tell you how often my physical space has been unnecessarily "spread into" by this sort of thing.
> ... it would affect men more than women since men are generally speaking physically larger than women.
My observation is that men simply don't "manspread" into another man's space. It's very much a dominance thing. It's ugly, it's obnoxious, and it's borderline threatening.
I have no faith that this initiative will have any effect, but it most definitely is an issue.