I don't like Dancing Bear. I like, for example, a scene where clothed women play games of tease and denial with a nude man, and impose their fantasies upon him.
I know a ton of men who are really into CFNM and their commentary regarding DB is quite in line with yours; far too focused on 'mainstream' sex acts rather than the mental thrill of exhibitionism and power exchange that CFNM can provide. I'm there with y'all, no disrespect to DB but that site is focused on a very narrow stratum of CFNM that I don't personally find all that appealing.
That said, to some peeps (of any gender) it's ideal, it's all a matter of individual preference. One could argue that any chica who enjoys going to a male strip club is practicing a form of CFNM very much in keeping with the content (and fantasies) that DB provides.
As to whether CFNM appeals to women, as Altered wrote above CFNM can play out in so many different ways that I think of it more as a genre or niche under which more specific and targeted niches fall and intertwine (tease and denial, exhibitionism, sensual JOI, risk taking/public nudity, Domme/sub games to name just a few). For that reason I look at it as too broad a category/niche for a definitive answer as to who enjoys it and why.
For peeps of any gender who enjoy CFNM (in any iteration of the genre) I think an enduring element of the enjoyment is that much of porn/erotica/mainstream media tends to reproduce a 'female as object/male as subject' paradigm.
CFNM turns that paradigm on it's head, and the man becomes the sexualized object (exhibitionism and/or submission). Further, the power imbalance that's derived from being nude (vulnerable) on display for a clothed woman meshes perfectly with power exchange and D/s play. CFNM can also be really 'silly' in an awesome way, as in '
dare ya to scamper around naked in your garden and hope a car doesn't pass by'. I call that the 'games' element of CFNM.
Those core elements can def be enjoyable to all genders. As to why, like CFNM itself, the reasons are always highly personalized.