This has been tried at least once. Emery Collegiate in Toronto had, at one point, a girls' team and a boys' team. Now there's only one team.
I'm speculating here, but I have a feeling that the sheer cost of paying major expenses twice, combined with the problem of dividing up the limited mentoring resources and fabrication space and equipment led to the conclusion that one team would serve their needs adequately. I'm also not sure if there was sufficient participation in later years to justify maintaining the unusual structure.
If you want to know more, ask someone from
1219 (the ex-boys' team, and now the co-ed Emery C.I. team).
(By the way, there's no need for Cory's grain of salt here; this is all easily verifiable.)