There are assorted mating rituals. I think a good book is “Why Is Sex Fun” by Jared Diamond.
The “Male display” mating strategy is for fire-and-forget male mating. The only thing the female has to go by, is whether the male has good genes, and a fantastical display in spite of its handicap (like the peacock tail) is th only way to judge quality.
Humans tend to fall more in the category of animals like wolves - not a lot of sexual differentiation, because they both hunt and both participate in feeding the young (the female, obviously, a more important role than the male.) Similarly, animals like eagles, where both parents feed the young, not a great deal of sexual differentiation. It’s the ongoing family cooperation that determines survival of the offspring.
Humans have a peculiar position - there’s some monkey and ape species where the rule is the female is obviously in heat, and all the males take a turn; thus ensuring the whole tribe is invested in the survival of the offspring. Some species (especially like deer or mountain goats) the males compete and the winner keeps a harem of females, to ensure his genes survive.
The hypothesis with humans - females have hidden ovulation, which keeps the male around if he wants to be sure it’s his genes that are carried on. Also encourages the protective behaviour of the male, encouraging a bit of physical differentiation. The physical appearance aspect of the female is to encourage a male to select her, since he is then expected (expecting?) to invest time and hunting skills in keeping her fed. So basically, the male is also bringing something to the table (food) so the female is being selective, looking for good genes; but the male is also expecting something - he is looking for good healthy breeding stock (trying not to be too crude here).
The things that appeal to a male generally are indicators of health and reproductive capability. Repeated psychology experiments have demonstrated the appeal of these characteristics. The 36-24-36 measurements are more than a crude joke - men are attracted to women that have wider hips (necessary for child-bearing) and the ability to feed those children. Smooth skin tends to indicates lack of disease or genetic flaws; and men are attracted to younger women (physically) because they are looking for women who have more years of childbearing ahead of them. Good hair, symmetrical features, and physical characteristics within the norm are also indicators that are attractive.
There’s plenty of debate why humans unlike other primates, the breasts are not deflated when not breastfeeding. That’s an interesting discussion, but as Diamond points out - making sex enjoyable is another biological strategy for keeping human couples together, as a child is basically helpless and needs constant attention for several years after birth; thus handicapping the woman’s ability to do tasks like hunting. It also explains the emotional attachment between couples as another impetus to keep the male around
So short answer - both sexes are looking for certain characteristics in the other, in order to commit to a long term relationship. Just, the male is more looking to judge on appearance. The female is judging on his hunting (providing) ability.
then to top it all off, we have conscious thought, which can conflict with everything instinctive and really mess things up.