Thanks everyone, these are all helpful perspectives. All of these likely play a role. And in an environment where the number of women cyclists is only 18-20% of total riders, what you see is a very small number of participants.
^ Wanted to highlight this comment here. From experience, I have found that, the more seasoned a racer is, the less they focus on placing. A new cyclist riding outdoors typically understands and accepts that they will not start off by being fast, let alone win. They put in the time, the miles, the training, month after month, year after year, and see the progress. Similarly with racing IRL, cyclists start at the bottom category, regardless of the power they can produce. That makes sense, because they lack the skills. So here too, they put in the time, race for many months and years, to then start winning and move up. You have to “pay your dues.”
In Zwift, that beginner/apprentice mindset seems to disappear pretty quickly because there isn’t the same learning process that is, by design, mandatory IRL. So I see many Zwift racers frustrated because they want to win, they want to place, they want to be better - but often times, it’s too soon, they need to put in the time and the work… and accept that they will suck, fail, get dropped, etc. for longer than they imagine!
Another difficult and sometimes frustrating part of Zwift racing is that we never know what’s behind the avatars we are racing against. That alone is reason enough to not be worried about results.
Regarding gender differences in terms of wanting or simply being more competitive that @bkolden and @Elliswall mentioned, I would add that, in my experience coaching men and women, I see that in general, men tend to take a bad result in racing as something that simply happens, and it’s not that big of a deal… there is not as much dwelling on the results. They tend to be more pragmatic, analyze (but don’t over-analyze), take the lesson, and move on. They don’t even place all the “blame” on themselves, they cite the course, other riders, the bike, etc. Women tend to take 100% of the blame upon themselves as if 100% of a less desirable result is their doing - I am generalizing of course. Of course there are women racers that are more pragmatic and less attached as well (typically the very experienced ones); I just think they are the exception to the rule, at least on Zwift.