I think that the rise of the internet (and porn with it to be fair) is slowly but surely putting these men's magazines out of business. Sports websites are also slowing down. For example, really good website The Athletic recently had to fire a lot of writers (8% of their staff) to cut costs. Car magazines are also going down because you can now watch a car review on YouTube, why look at just few photos trying to imagine how the car looks and sounds when you can see it in video? Why buy SI when you can find all the photos from the shoot on Bellazon, Reddit and hundreds of other sites for absolutely free?
So my theory is that since men are turning away from this traditionally men's media, the magazines are trying to save themselves by attracting female customers while propagating feminism, 'all bodies are beautiful' and stuff like that. Playboy tried to do it, Maxim too. Female customers will always go for Vogue, Elle and similar stuff (and even those magazines are going under) than they are willing to switch to men's magazines.
Overall, they are just postponing the inevitable.
Just my two cents.