Entering into a subject like what is going on when we look upon something requires dealing with many, many different factors that male gaze theory just doesn't even consider. But that's not surprising for something that comes out of film criticism. It is formed by film, so it is obsessed with the camera. It is, at best, a way to look at certain film works. Extended beyond that, it is inadequate at saying or doing anything.
The woman as object part mostly comes from the dirty little idea that male sexuality is evil or rather a sin to all Gods, rather than a natural part of one's biology. It also comes from a need to maintain woman as victim, which is a practice tends to erase female agency in any place it shows up.
Like throw that shit against the wall of DIY female amateur porn subreddits.