Is it the
only thing? No. Does sexualization have an outsized influence? I suspect so. If you have an alternative explanation, please put forth your hypothesis.
Would you agree that the net worth of individual athletes is substantially derived from advertising endorsements and sponsorships? https://www.sportsmanagementdegreehub.com/olympic-athletes-s...
Look at this list of wealthiest Olympians:
https://www.celebritynetworth.com/list/top-50-olympians/
Notice that almost all of the women are figure skaters, gymnasts, or horseback riders (not a very sexualized sport, probably some interesting effects of family wealth needed to even train for it). Why are there no female power lifters raking in millions after winning a medal? I'm singling out power lifting as a sport where the women are conservatively dressed and the events are not particularly flattering to the female form.
Ideally we would have access to per-event viewership data going back decades as a proxy for Olympic event popularity, ticket revenue, and advertising revenue. I could only find this article with some good graphs of overall income by source: https://www.cfr.org/backgrounder/economics-hosting-olympic-g...
The bulk of which is TV. What glues eyeballs to the TV screen?
We can compare viewership of 2 simple YouTube searches as a proxy:
"sexiest female pole vaulters": top5 vids alone are >50M views total
"sexiest female powerlifters": top10 vids are <10M views total
Interestingly, the #6 result for "sexiest female Olympic gymnasts" is titled: "28 Olympians on How to get laid in the Olympic village" https://www.youtube.com/watch?v=r7UD0w13IdQ
Even Cosmopolitan, that bastion of the misogynistic male gaze (sarc), knows what people wanna see about the Olympics.