As for the diversity issues they might as well not exist. As you said gaming is male dominated, but so is football, and at least in the case of football no one will do anything because there is too much money in it. Assuming (and I realize that my arguments rest on this assumption) that gaming can be as successful at the college scene as in the professional scene, the money will quash any significant action.
I'm afraid you are mistaken about the effects of Title IX. What would happen is that other men's activities (sports) would get pushed out to keep the gender balance. Football does that in men's college sports now. It takes all the oxygen out of the room for other men's sports. It gets something like 65 scholarships and there is no equivalent sport on the women's side of the ledger. Less popular men's sports typically get the ax to feed the beast. In my sport of wrestling there were something like 160 D1 programs 30 years ago. Now there are 77 last I counted. Most of these are casualties of the effect of football with respect to Title IX.
In addition its not like it would take much money to start the club.
More than you think if you want to do it in a big way. You'll need a travel budget, facilities to train, equipment to train with, insurance, etc. For comparison my sport is wrestling which is not a particularly expensive sport in D1 college and the typical budget of a D1 college wrestling team is around $400-600K per year. Some a bit less and a few a lot more. Usually the program exists thanks to alumni donations and the coaches do a lot of fundraising. Lately the big thing is to get an endowment for the program so that the funding doesn't come from the athletic department budget at all. I would imagine any esport program would end up with a similar sort of financial picture.