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Shamed She-Male wouldn’t have been aimed at the gay market.
It would appeal to straight men - rather bisexual men who believed themselves heterosexual - whose confusion and guilt about their sexual orientation and identity caused them to desire to be humiliated.
A crude simplification I admit. There is a strong demarcation between men who understood their desires and those who simply felt shamed by them.
Being rendered feminine would be presented as degrading. Maybe even a bit of cuckoldry. (There’s no way to know if the woman on the cover is a wife, girlfriend of partner of the sailor.)
This is a little know but surprisingly common fetish among heterosexual males.