Apparently, NWA had women's wrestling since the at least the late 30's:
>Burke's heyday lasted from the mid-1930s to the mid-1950s, when she held the NWA World Women's Championship for almost twenty years. Burke started out in 1935, wrestling men at carnivals.
If we've had it this long, there is apparently an audience for it. I never minded it, even growing up in the Ruthless Aggression era, because it was a change of pace, something different from the rest of the card. Nowadays, women's wrestling does actually have a female audience and WWE wouldn't have expanded it so much if it didn't pay. Logistically speaking, it also makes sense because having women's wrestling expands the amount of performers at your disposal, which provides more flexibility in booking and filling out cards.
I personally watch and enjoy TJPW because it's a change of pace. Women wrestle differently than men and I think the girls of that promotion do well in the ring. WWE women's wrestling was never that good, so when I was younger, I would mainly focus on the sex appeal of performers.