I tend to favour the second explanation btw, because Hubbard has not managed more than 270kg in any competition in the women's. The world record of 335kg is held by Li Wenwen, who won the gold in this competition. Li Wenwen has been steadily improving since entering the adult competition in 2019, but even then she started by breaking the world record. Her worst result in major championships was 320kg. Which was this time (but that still set a new world record.
Hubbard has never lifted more than a combined total of 300kg, and that was as a junior. Hubbard's highest level prior to transitioning was Division 2 at college.
(The record in the men's weight category that corresponds to Hubbard's weight is a whopping 485kg.)
Hubbard left the sport in 2001. Took a 16 year break and re-entered in 2017. Thanks to now being middle-aged, the new personal best is 270kg, which is 65kg less than Li Wenwen's world record.
And Li Wenwen is a rock steady performer and has won all major championships she entered since she won a silver in her first major championship.
So Hubbard had no chance. Going into the competition, Emily Campbell (silver) and Sarah Robles (bronze) had higher personal bests than Hubbard achieved in the women's competition.
Next to no chance for a medal.
So here's a competitor, who in 2017 said in an interview
I'm mindful I won't be supported by everyone but I hope that people can keep an open mind and perhaps look at my performance in a broader context.
Doing that now, I conclude that a mediocre male with atrocious technique and no chance to even compete at national level in the men's, who enjoyed success in the women's, was faced with a competition that offered no chance for a medal (going into the Olympics, Hubbard was ranked fourth. And seventh in the world rankings).
By throwing the competition Hubbard could at least make a point: See, no danger from males in women's sports. I didn't even win.