While I think such a society would end in a lot of bloodshed, it sounds like it would make for an entertaining sci-fi or anime. I assume the elites would try to condition most or all of these women to be lesbians, to keep them believing that this is about women’s empowerment and not develop ideas of women being unvalued concubines and entertainment for the few Y-chromosome-bearers that survive (who I imagine couldn’t help but develop enormous egos and senses of entitlement).