In true capitalism the interests of the consumer drives the market. If a lot athletes want to do the co-ed version, lots of universities want to fund it and lots of people want to buy tickets to watch or pay to go to camps ran by the program than why not all female and co-ed? Perhaps most male athletes would pick another sport so there isn't enough need. Maybe doing one competition at the end of the year is ok. I think time will tell but I wouldn't rule co-ed out at this point.
In a perfect world what student athletes want to do would take a precedent but there are a variety of factors that play into college athletics and it isn't really cut and dry. I think there is a defined need for more feminine acceptable sports at the collegiate level. Look at the recent quick popularity of sand volleyball. Which I would note was called "beach volleyball" and they made them change the name. Sound familiar?
If we want it to be a sport, there is no doubt that cheerleaders can do it. There is nothing we can't do if we put our minds to it. I am all for any new opportunities for all student athletes.
And just keep in mind that "most" universities are not out looking only for cheap female sports with a lot athletes. Sport enhances their school, attracts positive media attention, keeps students active, trains leaders, makes school ambassadors and sells tickets to games. They want to have a great athletic department.
I look forward to both, All female and co-ed.