I have a working theory. Most trans or in reaity they are just cross-dressers, are trying to attract that very masculine ‘real man’ that you describe. They are competing for the same men that you think women are looking for.
The rise of cross dress is correlated to the decline in feminine women. Women are more and more lazy, more slovenly than ever, especially once they become married. No more make-up, don’t fix up their hair, wear sweat pants etc. Whereas the cross dresser is actively trying to appear as hyper feminine as possible, it’s basically Billy Beane moneyball, and it works to some extent because they are growing in number.
I still look in disbelief at how nearly everyone, but especially women, are willing to dress in public these days. It's like a zombie apocalypse in real life.