You're analyzing this problem independent of context: women graduating in software engineering is decreasing over time, and they are more likely to exit the profession.
So then the solution would be to search for ways to make more women graduate, instead of hiring more from a pool that becomes smaller every year (not sure if the decrease is in absolute or relative terms, it doesn't really matter if the end goal is a 50/50 gender balance).
That's not because women are incompetent. It's because the workplace is putting so much pressure on engineers that even some men prefer to be promoted to management level after a decade of technical work.
> women graduating in software engineering is decreasing over time
That's right, but what's the cause of that?
Is it solely down to sexism and discrimination, or are there other causes?
For example, studies have shown that the more egalitarian a society becomes, the greater the difference in personality between genders is, which affects things like job and career selection. This makes sense because in an egalitarian society, men and women are more free to choose careers based on interest rather than on preordained acceptable roles based on gender [0].
I'm not saying this is what's happening in tech, but there's enough research around it that it's a plausible explanation for some of it. And if you're spending hundreds of millions of dollars but are not in any way interested in investigating (or even contemplating) whether this might be one of several factors leading to a decline in women entering software engineering, then that's probably a problem.
