Modern bodybuilding is the creation of a bisexual man and by that I don't mean bisexual men are more sexual than men of other sexual orientations, but from this perspective and, considering that bodybuilding is all about enhacing secondary sex traits and showing them all off the sexual aspect of it can never be isolated.
In this sense, one can say that heterosexual men have tried to appropriate bodybuilding which, from a patriarchal perspective, isn't supposed to attract them because the male body isn't supposed to be their obsession. Miss Universe is made to please the heterosexual male gaze; it would make no sense if gay men tried to appropriate the Miss Universe.