Lots of interesting information and opinions here (and some weird defensiveness).
It made me wonder why men in our current culture don't wear lipstick - or make-up generally. It's not an eternal or universal thing. Men have worn make-up for all the same reasons as women and more: to hide blemishes, as art, to signify belonging to a tribe, class or profession, as part of a theatrical performance (drag, blackface), or as warpaint.
If Maybelline could sell their wares to 100% of the population then they surely would, so what's stopping them?
Part of it is practical in that men have coarser hairier skin. But mostly, I think it is because the intrinsic objective and effect of make-up is to make a person look less like a man and more like a woman (smooth skin, large eyes, plump lips). Most people (leaving aside androgynous performance fun) want to look like a better version of themselves, not someone completely different.
And, (just in case I missed the point) - I don't wear any make-up. Because I am cheap, and lazy.