Why do you think men are not allowed to beat up women in sports? Because their strength alone would negate any skill advantage that a woman could posses. And this is supposed to be a game about "best of best" fighters in a deathmatch, so there is no skill difference. Everyone is a master.
A good example of this would be when that transgender came in to a women wrestling division, and completely wiped the floor with them. It was so bad in fact that now it's banned. Why do you think the reverse doesn't happen? You cannot argue with biology.
Mate. Like I said. If it is boxing, or head on fighting with punches and kicks. Heavier one will win. But if we are talking more traditional martial artists, then strength doesn't play as importan factor, as precision and technique. Hence why martial arts were made for weaker people, so they could compete against power houses.
If both fighters are masters, then it means it will be a question of who will make the first mistake.
Hell take even the guy like Bruce Lee who showed that power isn't anything. 1 inch punch wasn't backed so much by muscle power, than with precision and speed. And did a helluvah more damage, than a punch from a guy who beats you in weight division by two classes. Sure. Boxer will make sure you will be sleeping good for a the night, but 1 inch punch will make sure you won't get up for a week, as your insides will be messed.
Now in Mortal Kombat case, we can't even really talk about martial arts, cause if you pay close attention to animations and moves, you will see that "fighting" in MK is a mockery of martial arts. Hell they still have kicks with no power. Just a small animation of leg going up and down, and they call that a kick.
Street fighter series though make it better. They actually make great animations, showing how character actually puts weight behind punches or kicks. And even females and males use fighting styles, that allows them to negate physical differences. Most male characters use punching attacks and are top heavy, while females like Cammy or Chun Li use legs mixed with flexibility, precision and speed. They feel believable, cause just by looking at Chun Li's legs you already wish not to be on a receiving end, and Cammy's body and speed just screams "Kinetic power".
MK on other hand... not only females look like chopsticks, but aside their special moves, they just go on a full slug fest, versus massive guys like Baraka. So yeah. That's what I am talking about. If females were at least shown to use gravity and speed to their advantage, I would KIIIINDA buy it. But now. Just a victoria secret model that hasn't eaten for a week, fighting guys like Geras head on. Sure.
Let me just emphasize this again, so there is no misunderstanding. A current top female boxer/mma/kickboxer/karate will lose against current male boxer/mma/kickboxer/karate. For reasons you mentioned. Strength, weight difference. Cause those sports concentrate on that.
But a top female Aikido/Judo/Kung Fu fighter vs top male Aikido/Judo/Kung Fu fighter has an equal chance, cause weight doesn't say much in those categories, as it is dominated by skill, speed and precision, not pure power.