Your account is factually incorrect in several respects.
When the IOC first decided to allow males who say they have a trans identity to compete in women's Olympic events in 2004, the eligibility rules the IOC set for them were much stricter than the ones that enabled Laurel Hubbard to go to the Tokyo Games and compete “as a woman” in 2021.
Under the IOC’s 2004 rules, males could compete in women’s Olympics if
1) They had undergone “surgical anatomical changes” to their external genitalia including removing or inverting the penis and removing both testicles - and they had completed these surgeries at least two years before;
and
2) They could provide documentation in “a verifiable manner” that they had been on “hormonal therapy appropriate for the assigned sex has for a sufficient length of time to minimise gender-related advantages in sport competitions.”
As it turned out, the new rules the IOC adopted in 2004 hardly applied to anyone they were meant to help out because the overwhelming majority of males who call themselves transwomen in the current century not only keep their balls and dicks, but they have no plans to do otherwise.
So in November 2015, the IOC adopted new rules making it much easier for males to get into women’s Olympic competition, and insured that men could "compete as women" without paying the price of losing their dicks and balls.
The IOC’s 2015 rules said that male athletes could gain eligibility for women’s competition if they met the following two conditions:
1) They have declared that their gender identity is female. The declaration cannot be changed, for sporting purposes, for a minimum of four years.
2) They must demonstrate that the total testosterone level in their serum has been below 10 nmol/L for at least 12 months prior to the first women’s competition they enter. (With the requirement for any longer period to be based on a confidential case-by-case evaluation, considering whether or not 12 months is a sufficient length of time to minimize any advantage in women’s competition).
https://stillmed.olympic.org/Documents/Commissions_PDFfiles/Medical_commission/2015-11_ioc_consensus_meeting_on_sex_reassignment_and_hyperandrogenism-en.pdf
Why the IOC decided that a T level of under 10 nmol/L for 12 months was a reasonable threshold to serve as an entry ticket allowing men into women’s competition is anybody’s guess.
After all, 10 nmol/L is squarely in the normal adult male range (7.7-29.4 nmol/L) and it’s nowhere near near the normal female range (0.2-1.68 nmol/L).
Many men could meet the 10 nmol/L T threshold without taking any medications to suppress their T at all. Chances are, Laurel Hubbard - who was a corpulent, doughy, balding 43 when he competed “as a woman” at the Tokyo Games - might well have been under the 10 nmol/L upper limit naturally.
Remarkably lenient though the 2015 rules were, the IOC adopted them so late in 2015 that there wasn’t enough time for any so-called "transwomen" to use the new rules to qualify for the 2016 Summer Games in Rio.
The first summer Olympics where it was possible for males to compete “as women” were the 2020 Tokyo Games, which got delayed until 2021 because of Covid.
Contrary to your claim, Laurel Hubbard wasn’t the only man who took a woman’s place at the Tokyo Games. He was one of three men who stole a spot that should have gone to a female athlete at the first summer Olympic Games where males could compete under the rules adopted in November 2015.
Hubbard wasn’t even the only middle-aged man who went to the 2021 Summer Games larping as a woman. Another bloke who took a place that should have gone to a woman was in his 40s too.
Stephanie Barrett of Canada competed in women’s archery at the 2021 Tokyo Games, taking the only spot Canada was given for women’s archery that year. Barrett was 42 at the time. The first time Barrett had ever held a bow in his hands was just five yers before, when was when he was 37.
A third male athlete pretending to be a woman, Chelsea Wolfe of the US, went to the Tokyo Games as Team USA alternate in women’s BMX freestyle cycling. He was 28 at the time.
