The only hypothesis I’ve seen to explain the uniquely frequent and heavy menstruation in humans is posited in The Handicap Principle, Zahavi & Zahavi (Oxford U Press, 1997). In fact, the theory posited by the authors explains a lot of anomolous physical and behavioral attributes in animals.
Briefly and inelegantly: Zahavi & Zahavi propose that certain attributes are displayed as proof of the fitness of the animal. A peacock, for example, has a brightly colored and heavy tail which he displays to attract peahens. The message conveyed is, *“I am so healthy, powerful and smart that I can obtain enough food to grow this beautiful tail, and to drag it around and even fly with it, all while avoiding all the predators to which it makes me so visible and vulnerable. If you want your offspring to be healthy, powerful and smart too, you will mate with me.” *
As to humans and menstruation, Zahavi & Zahavi say:
"Body processes, too, can be signals; a case in point is menstruation. Women are unique among mammals in the amount of blood and body tissue they discharge every month in their menstrual flow. This is not required for fertility, for most mammals conceive without it. What, then, is its purpose?
“Menstruation is a reliable indicator of a woman’s physical condition. When a woman is sick, either bodily or mentally, or when she expends great physical effort, as in sports competitions, her menstruation may cease or become distorted. Pregnancy stops menstruation. Menstruation thus informs a woman’s mate or potential mate that she is in good enough shape to bear children – as witnessed by the amount of blood and tissues she can afford to “waste” monthly on menstruation – and also that she is not pregnant at that time, which is very important to one who wants to ensure that his chosen mate’s child will be his own.”
Note that a certain level of body fat must be achieved for the onset of menstruation, and that in hunting and gathering cultures, that level is not achieved until a woman is in her upper teens and has obtained sufficient skills to gather more calories than she expends in the gathering.
You can find more info about The Handicap Principle here: http://www.oup-usa.org/publicity/pr_0195100352.html and here: http://www.mcn.net/~jimloy/handicap.html
I recommend the book. The theory answers a lot of puzzles in evolutionary biology, such as hive systems, which no other theories have ever satisfactorily answered.