The idea that you have to solve the entirety of a gargantuan problem to be doing anything of value is stupid. Most gargantuan problems are solved with steps of progress, not sweeping changes. If we want diversity in our industry, we have to, step by step, start aligning the incentives for young people to get into software in ways that don't overwhelming appeal to white and Asian males. This is one (very) small step along the path.
Now, whether or not this fellowship will actually do anything to help women get into software is a different argument completely. If what you're trying to communicate is that you think this is just PR and won't actually accomplish anything, then fine--there are plenty of arguments that you can make for that stance, but you haven't.