The way I see it, less code (no if:female = disable beards) stuff so less potential bugs.
The way I see it, more works for graphic artists = more resources wasted.
Really, how many will actually create such characters? 0.1%? Oh well better stop the "hate speech".
The way I see it, it would be more work to remove the beards.
The fundamental art and animation work for the beards has already been done. It's not perfect (I have a character with a long beard that goes inside his chest), so more work is needed on beards. But I doubt that female models have such prominent breasts that it makes any difference compared to male models. So on both the animation work which
has been done and which
will be done, adding beards to female models is probably no more work. Now, given that the UI for adding a beard to females is already there, it would be more work to remove it.
It might be used by 1% or 0.01% of players, but I doubt the resources-spent-vs-audience-using-it is particularly relevant on this particular issue. (I think it is relevant on other things, like making 8 Origin Characters and very few companions, when few people will play more than 2-4 OC.)
