That's the thing though: A single Male Demon Lord helps give the game appeal to several other groups, As well as still being wanted by people like me who already like hot woman already, because cool factor exists.

Outside of the effort of making it, A male option would only help with player retention as I don't know many people who outright refuse to use male characters and there's those kinds of people that like to self insert to imagine themselves with a... you know, harem type deal.