The military needs that rule for a purpose. The purpose is both uniformity of the unit and safety.
At a time women were not given the most dangerous assignments so that is likely the reason for the discrepancy. In my opinion, this rule should still be outcome based. Men and women in like positions should have rules such that they have an outcome of equal results as regards to safety.
Now comprising the safety of women by letting them do jobs that men are much better on average than women due to strength differences, that is another subject all together.
In short, if men should not wear earings, a woman should not either everything else being the same. Or compromise. Let both sexes wear studs in non critical situations just so the holes do not close up. In combat, no studs, etc.
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