If a similar social bias existed in how society evaluated Black and white people, we would not describe it as the “Whites Are Wonderful” effect. Framing the effect that way would divert attention from the side being harmed by it, and sounds almost celebratory of the side that benefits.

The name "Women are Wonderful" also implicitly assumes the lower level at which men are evaluated is the acceptable social baseline, while the higher level afforded to women is a benign or incidental social boost. That framing is more resistant to criticism than a more accurate one, like the "Men are Horrible" effect, which implies men are evaluated below an acceptable social baseline.

As a quick aside, if the social sciences uncovered an equally strong bias favoring men, you know it would be one of the top feminist talking points. It has so many implications. I'm amazed other leftists never talk about the proven and strong social bias against men.