Does your company's team page show the all male engineering team? Or is it otherwise possible for potential applicants to see that your team is all men? A homogeneous team sends signals to women and minorities that may have them ruling you out as a potential place to work.
Anecdotally this is absolutely something women take into account when evaluating places to work.
The solution isn't to hide the problem but it does mean that the later you try to fix your diversity problems the harder they will be to fix. As for how to actually solve that problem, you might try looking at what others (especially women) have written on the subject already:
