Many women I know would be interested in a small phone (in part because for some reason clothes makers collectively decided that women should not have big pockets, or any at all, and in part because of smaller hands on average).
It's probably not all women, maybe not most, but I can't believe there's not an important market, it seems like a common enough situation.
I'm not a woman, but I know many who 1. refuse to carry a purse; 2. are deeply unsatisfied with trends in clothing such as small pockets (and no they can't just wear men's clothes because women's bodies are shaped differently); 3. whose hands are too small to comfortably use a large (branded as "normal") or even medium (branded as "mini") phone.
There's a billion other ways women are being discriminated against every day. But yeah, it doesn't sell.
It's probably not all women, maybe not most, but I can't believe there's not an important market, it seems like a common enough situation.