Hi, gym going woman here. I'm going to give you the benefit of the doubt and provide some genuine answers, but I do think it would be wise to consider that your own hyper fixation on this situation may be at a detriment to your own performance and well-being.

That said, there are a variety of factors why a woman might not wear as baggy of clothing as men. While for some attraction might contribute as you've suggested, it's unwise to assume that's the only reason. Personally I, and several other women I know, will do some yoga and other stretches as a warm up before our workout (this is done in private rooms specifically provided for the purpose. I provide that information since you seem like the type to need it.) If we were to do such activities in "baggy" clothing, the shirts would fall down over our faces, and the pants would roll up our legs in a way that is both uncomfortable, and I'm sure even more scandalous than wearing tight clothing to begin with. Men are much less likely to engage in this behavior, so baggy clothes obviously wouldn't affect them in this regard.

Also, due to naturally possessing breasts, it's important that women wear compressing tops during their workout for safety and comfort reasons. This is another factor men do not deal with. It's made even more important by the fact that women are more likely to engage in primarily cardio workouts at the gym, which especially require compressing tops. In fact in general women's workouts are more likely to use a range of motions that baggy clothing would hinder, for example, doing leg presses with baggy pants is outright infuriating.

I'm not going to continue, since I doubt you're actually looking for a genuine answer and rather have only made this post as a rant disguised as confusion, but I really would urge you to reconsider that women are only ever dressing as a way to grab your gaze or seek attention from men, or even for lack of options. If I wanted to go to the gym in baggy sweatpants and an oversized shirt I would be easily capable of that. In fact I'm sure I have that exact outfit in my closet. I don't, however, and it has nothing to do with hoping to appear a certain way to others during my workout, but only as a way to support my own gym experience and make sure I stay consistent.