I think the main problem is that the prime selection criterion for most women is not looks. For women, online dating has a rather small signal to noise ratio. So then they are left with choosing the top % based on looks.
Says who? The men who do best with women are the most physically attractive. No other demographic does better. You can have $10M in the bank and still not elicit the same kind of attraction as the stereotypical tall, dark and handsome white man.