Speaking as a feminist - spot on. Feminism isn't about just swapping gender roles and just giving power to women. (As much as Sheryl Sandberg seems to believe it is)
Which means that yes, the incarceration rates are (or should be, it's not like there's a feminist cabal I speak for;) concerning for feminists
Not in the sense that we should simply incarcerate not women, but in the sense that we should desperately look for the systemic issues that result in this outcome.
There's a good chance that a strong gender binary and an idea that it's somehow "men vs women" actively contributes. (E.g. because we stereotypically assign more social behavior to girls, and reward/excuse antisocial behavior in boys)
Trying to frame this as an either/or debate is directly detrimental to ever achieving equitable outcomes.