Also, I would note that I know some very attractive women who do not put profile pictures on dating sites because they don't want to attract too much attention because of how they look. So this could mitigate the adverse selection problem.
When I first heard that some women did this, I started messaging women who had no pictures (or pictures that did not show what they looked like). Not long after, I met my wife, who would have been mobbed with messages had she put up a photo that showed what she actually looks like. I was the first and only person she dated online.
Your intuition was certainly good but her move was probably even smarter: she found an efficient way to attract the smart ones.
It's absolutely not all upside (to be beautiful) and it's a problem one cannot complain about. No one will have any sympathy whatsoever.
I would offer to test and report back but I have been happily out of the dating pool for going on thirteen years with no intention of returning soon. Two advantages to meeting your spouse via IRL social networks: none of this faffing about with profile pictures -- face to face doesn't lie. And you never have to do witty text message banter.