When you inevitably fail because you can't fix everything the activists leave and you're left with a ruin where there used to be a useful civic organization.
It's like when I buy stock in Acme which produces widgets, I don't want them starting up or acquiring a doodad business. If I wanted to invest in a doodad business I would do that directly.
No idea if that's the case with Women Who Code though.
I've been coding since 1983, and have watched the demographics of our industry change from almost exclusively white male, to a pretty diverse lot. Some of my favorite "go to" blogs and whatnot, are run by women. Their gender doesn't matter a whit to me. They are good nerds.
Broadening the base is always an advantage. You have a larger pool of talent, from which to draw, but it's also a lagging indicator. It takes a while for the culture to establish, and the educational system to start delivering qualified candidates.
The macro environment is not lending itself well to organizations that are not profitable or have a lot of cash on hand (for non-profits). With the overall trend in layoffs in tech combined with the difficulty in hiring - I can 100% see this being a major problem to their overall numbers leading to hard truths about fundraising.
And what are the insurmountable challenges?