Sure, they should,
But They shouldn't diet down and compete
you make a good point...I think women's bodybuilding could be saved and become popular again if they would knock off a lot of the steroids, stop dieting down and keep their natural bodyfat while using just a little test or D-bol....
I think the males would go for this because then they could relate to the female bb'ers since any one of them could be their girlfriends or wives, in shape with some musculature....men have a hard time relating to women who look so unnatural and haggard (when they diet down)...
women would relate as well because they would see bodies that can really be obtained with just some har work in the gym without the extreme steroid use and extreme dieting and cardio
bottom line is that women who bodybuild and have some muscle and shape without the extreme look, are very very sexy