Ulta's HUGE in the USA; been around since the'90s. It's actually a beauty products supermarket, like an overgrown and more diverse Sephora (from cheap drugstore brands like Cover Girl, Garnier, Olay, Maybelline, Revlon, Wet & Wild to high end global brands like Chloé, Dior, Prada, YSL). Like Sephora, they also have their own line. And salons in every shop.
Ulta may well be focused on driving online sales (which skyrocketed during COVID lockdowns, and are still rising) via their website. In California, Texas, and the NE they're in almost every large mall, but other states only have a few stores so online sales still have a lot of room for growth. They'll also want to capture an early-to-mid teen demographic who haven't spent (their own money) on beauty before. I'd guess a fair chunk of Ulta's clientele are men (not necessarily for the cosmetics, but skincare, grooming-related electronics, shaving, hair, fragrance, etc.)
Their print ads/fliers are usually practical and product-heavy, with pleasant but unknown mom-next-door models; they may feel that riskier online campaigns won't negatively impact their brick and mortar client base. Ulta also like to demonstrate their devotion to legitimate social justice causes like promoting climate-conscious brands and signing the 15% Pledge (guaranteeing at least x amount of shelf space for products from black-owned companies), so possibly their execs rubber-stamped "showcase a trans person, ANY trans person!" and don't have (or want) the detail to appreciate the misogyny of this particular feature. And Ulta have NO presence outside of the USA and don't even ship internationally, so profit-wise they're performing for a closed, limited audience.
It's wild how many replies they've hidden, including positive tweets if there's a response that's anything but fawning. On the up side, it looks like a lot of Twitterites have newly learned how to UNHIDE replies, and have passed along their knowledge ... so every day is a school day, as they say!