Steering away from the race/sex baiting, the actual physics and physiology here are a bit more complicated. In cycling, you can see an fairly exact relationship between aero drag, power output, and speed. In running/sprinting there is aero drag, but the power output is dependent on things like footspeed and stride efficiency.
Also, and probably most important, a cycling time trial is ~60 min at basically steady state, where aero is everything. A 100m and basically all heptathalon events are short sprints, where >50% of the event is spent accelerating, and to a large degree, the best accelerator wins. Weight would be important here, and I have no idea how much wigs weigh, but to think it's greater than 1% the weight of the runner is pretty extreme.
Lastly, these athletes are trying to earn a living. Winning is important, but not as important as being marketable. If flashy hairstyles and jewelry make you more marketable it may actually be the wisest decision to forgo a percentage of pace in favor of notoriety.