No, it isn't.
The entire point of watching sports at a professional level is to watch talent...which pretty much every woman not named Ronda Rousey severely lacks.
If I wanted to watch bum fights I could go to a bar or any other medium of watching two randoms throw sloppy haymakers at each other until they both get tired.
There's talent at Flyweight, their size is merely aesthetic. The only problem with the division is that the champion is boring as hell. Fights like Linker-Gaudinot were objectively good by any stretch.
Not to mention women's tennis is certainly not at the level of the men, but the women certainly are talented. You don't feel cheated or like you are missing anything by watching the women's game instead of the men's. Tennis, along with volleyball are too sports that are fantastic to watch at times for women...and sometimes soccer