According to my LBS, manufacturers think women won't pay for higher end, cool looking cycling shoes.
My DH is the Imelda of men's shoes. He buys very cool looking ones that always get noticed.
Jolt, have you ever seen Nayot brand shoes? They are super expensive, but occasionally you can find them on sale at STP or other places. They are designed by an Israeli woman who was a doctor and couldn't find stylish, comfortable shoes. She's become rich making shoes.