There is nothing wrong if a male watches women sports because of the nice physical appearance of a female athelete, if it wouldnt be that why would he watch it anyway means it would get the same recognition as a lower tier male competition
(if it is just about skills).
If it it is just about skills then it would get much less recognition anyways.
Let's say men shouldnt watch women sport because if the sexiness then you have to either a) accept that it would get less recognition or b) you have to make up for the lack of viewership by an audience that wouldnt care so much about looks and more for the skills, that means other women watching women sport.
Let us turn this around: If women would watch men sports just because about their looks then it wouldnt be a big deal since you have a big male viewership that wouldnt care about the looks at all.
That means if you take a way an audience that cares about looks you have to back it off with an audience that cares about skills which means other females.
If you cant back it up with other women watching then you have to accept a decline in viewership.
To bring up a different example which doesnt relate to sexiness or sex:
The NA scene has a lot of pros that wouldnt make any money at all if they were code b or less koreans living in korea. They only make money out of starcraft 2 because people can identify with them. This is a feature like "sexiness" that doesnt justify the attention/moneymaking just by the skill but more because they are foreigners in NA. Just take idra as an example, i m a idrafan but his skill doesnt justify the money he makes out of sc2. I watch him nonetheless because i can identify with him and i think he is entertaining + he has a decent amount of skill. Also the darma created around him generates a lot of viewers + attention.
Now does that mean we are all xenophobic or racist because NA foreigners make more money and get more attention than code b or less koreans? If you answer this with no than you also have to say that it is not sexist to watch women sport because of their looks.
So the real question is not if women in sports are sexualized but why dont women watch women sport?