Going by PPD's definition of "toxic masculinity" (disclaimer: I and many others see this term as BS but let's go with it), it is defined as unreasonable expectations of men which cause them to engage in self-destructive behavior. Basically, adhering to traditional standards of masculininity is toxic masculinity: basically, the struggle for dominance and alpha male-ness.

The problem with this is women don't want men who don't adhere to these norms. They settle for them, at best. Men with power and wealth are chased by women, no matter how they got it. The rest of the men out there have to play various seduction games in order to convince women to settle for them. Women chase men with power and wealth, no matter how evil they are - while other men have to chase women and convince them of their worth. Also, men have to prove that they are of higher status than the woman they are pursuing. Women don't chase men of equal or lower status - women settle for men at or below their socioeconomic level, whenever these men can muster the skill to convince women to do so. We call all of this hypergamy.

Feminism says that women should be free to demand that their mates be rich and powerful and that trying to fight hypergamy somehow enslaves women - this has been repeatedly argued on PPD. Women cannot in any way be shamed or educated to abandon hypergamy otherwise it is enslavement.

As a result the desires of women push men toward toxic masculinity and since feminism explicitly opposes anyone telling women that these desires are wrong, they will continue and only get worse - encouraging more toxic masculinity as feminism defines it.

As long as women prefer (as in actively pursue) men of power and wealth, men will fight each other to get power and wealth, by hook or by crook. Feminism cannot fight what they call toxic masculinity. They can only, going by their moral code and ideology, continue to make it worse.