This just seems like every just so story explanation for bigotry. Like just because you can come up with a story that sounds plausible doesn't mean anything, unless you have data showing that trans women have some kind of statistical performance advantage over trans women then nothing else matters. And yeah ofcourse transphobes will come up with plausible stories that make them sound reasonable, few people are so self aware that they are just bigoted because they are bigoted, oftentimes the person the have to most convince is themselves.