Bicycle racing is broken up by gender and/or age and discipline, yet upper body strength is not a factor in road racing (it’s a bit more advantageous in mountain biking) compared to overall aerobic fitness and leg strength, so there’s more to it than just that.
Anyway, there are beginner to pro categories for both men and women (men cat 5 is beginner, progressing up to cat 1). However that only applies to road racing. A cat 1 road racer doing their first cyclocross race still has to start at the bottom in cat 4 (cyclocross has not cat 5). Then there’s the age categories. There’s various under-18 categories, but also masters over 30. This gives some opportunity to play the options in a race. A beginner racer entering the men’s 35-39 race is going to get clobbered, but a 45 year old cat 3 racer will likely do better in the master men 45-49 category than in the cat 3 open with a bunch of up and comer teenagers and 20-somethings. A strong 13 year old junior may choose to race up in the 15-18 age category or jump in the open cat 3 race.
In any particular event you’ll likely see a couple of junior races (boys/girls under-15 and 15-18 leading to four separate podiums), men cat 5, 4/5, 3/4, 3, and 1/2/3, women open (1/2/3/4), women 1/2/3, and master men 30+, 40+, and 50+ and master women 30+ and 40+. This is already a ton of categories and will quickly fill up a schedule. So while it’s entirely possible to have just a cat 5 race, just a cat 4, just a cat 3, etc., you usually see at least some combined races, such as 3/4 that allows the cat 4s to dip their toes into a harder category, and the not-so-strong cat 3s to perhaps win some socks. Even then, many categories will be combined into a single race/start even if they’re scored separately, such as men cat 3/4 and masters 40+, or men cat 4 and women’s cat 3/4. This keeps the day from being 14 hours long, and also helps ensure there aren’t races with only five people on the course.
I bring this up just to show how quickly things get complicated. Being a heavy guy myself I’m all for weight categories, but in the few races they’ve been used (clydesdale 200+ lbs) it’s just a special separate prize category by the race promoter and isn’t actually recognized by the sport’s governing body. That’s also a very coarse cutoff compared to a sport like wrestling where there’s about 10 weight classes (more for kids). If such a thing were implemented officially, it would probably be just another layer on top of all the existing categories rather than a replacement for gender, age, or skill. There is something to be said for straight-up skill-based categories regardless of gender. The result is that women simply wouldn’t be able to ascend to the higher categories men would, at least not as many. The question is if that’s fair or not.