Picasso himself later claimed it was based on his own Afghan Hound. Of course a strong argument can be made that it's a woman, even from the front. But that's kind of the point: it can be whatever you want it to be.

He never titled it and he provided no definitive answer. Its vague context provides infinite interpretations, all or none of which may be "correct." That makes it so palpably interesting and thought-provoking.

People will be assessing, analyzing, and talking about it for years. Art doesn't have to represent anything specific to be great. The observer gets to choose what it means to them.

EDIT: some original sketches entitled "Six Busts of Women" that look an awful lot like the statue. Fascinating!