It is an elaborate ruse. But not to reduce competition, it's to just turn young men into angry unstable individuals which can be used for nefarious purposes. We have literal evidence of it happening with Gamergate and there's some evidence those young men may have just helped get Donald Trump elected in his first term.

When people are angry and lonely they can be easily coopted for stuff, you just offer them a community and an outlet for their rage and they are yours to do as you want.

Probably not specifically to reduce the competition.

The sad fact is that insecure and desperate men are easy to manipulate into paying you money in the hopes that it'll give them a better chance at finding dates. Online dating was unfortunately doomed to be like this from the start.

Doesn't explain the tactic of calling anything they don't like "gay."