They do!
There are women tournaments and championships where only women can participate.
But most tournaments are opens, which anybody can participate no matter their gender. (You said you never saw it but it is common, watch any woman chess streamer such as Anna Cramling going to an tournament, she will face men and women).
Now you don’t see them at top level tournament because they are less good. Hou Yifan is 2632 right now, which does not put her in the top 100 (not too far though), and then the second woman is 2559 which is really a step below.
Then your question may be, why are they less good at top level? The best explanation we have is educational environment. Boys are trained earlier and pushed more to dedicate their life to it, role models are all men etc…
It may change with the next generation of Indian and Chinese players, we’ll see.
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