Magazine publishers are not putting ads in their publications because they are greedy. Their advertising revenues allow them to sell their magazines at a more affordable rate. Every publisher has to walk a tight rope between ad revenues and subscriber rates. Advertisers only pay if you have enough readers.
The bigger issue to me is the simple lack of women in our publications, period. The Lubavitcher Rebbe famouslh directed his publishers to go back and add girls and women to their contact children’s books. We need to show our community what it means to be a frum female leader, even if it’s in the women’s supplementary section.
The real reason that pictures of women are missing is because of the limited reach of frum magazines. In order to maintain a viable business, you need to stay broader, creating content of interest for a large community. Any magazine that publishes pictures of women is closing the door on a number of communities, and is hurting their business viability.