Yes! Women's sumo wrestling (onna-zumo) as a spectator/professional sport existed alongside men's throughout the early modern era into the first decades of the 20th century. Its eventual ban and conversion into a neighborhood/participation exercise to make strong mothers is the result of--everyone's favorite--a massive crisis in Japanese masculinity.
During the Edo period through the Meiji Restoration, women's wrestling took on a number of forms. Some of it was more akin to erotic theatre than a sport (kiwamono), but other women wrestlers were involved in serious, competitive troupes. From the Edo period, women's and men's sumo (as sport) existed in the same kind of twilight cultural zone: an urban, especially middle class enthusiasm that the upper class would have preferred to eliminate on one hand because of its potential to cause chaos; but which they instead determined to involve themselves in as rulemakers and patrons (sponsors) of top athletes--turning sumo into another alley of social control. So in early modern Japan, women's sumo gets banned and approved and regulated and banned and approved along with men's.
As far as what women's professional, competition sumo looked like, the magazine Sumo sekai from the early 20th century apparently had lots of evidence in the form of articles and pictures (should you be so lucky as to be at the archives in Japan, which I am...not). Similar to men, women wrestlers joined together in a traveling troupe or "league," and generally worked the same circuit of locations. They competed in shirts plus the traditional loincloth. Furthermore, competitions were festivals with different events rather than just wrestling each other. They hoisted stones and bales of rice to prove strength, and apparently competed in...singing folksongs?
However, even as Sumo sekai was promoting women wrestlers, Japan, the sports world, and their relationship were changing drastically. The influence of Western philosophy on sports connected it directly and strongly to ideal masculinity. In essence, a society without sports was effeminate, and a society without successful athletes was emasculated. This was a problem for Japan, because in international competition, its male stars repeatedly failed to measure up--but women like track star Hitomi Kinue were fierce global competitors. Male sumo stars and their powerful supporters--sponsorship/fan clubs known as koenkai--found their solution in sumo. With serious women sumo wrestlers still having to share an overarching umbrella with the quasi-burlesque version, it was easy enough, in theory, to split the "male sport" of sumo (the term coming from its then-most popular and best wrestler, Hitachiyama Taniemon) as the pure and actual athletic competition. A venue for Japanese men to be successful sports-men.
The contemporary centralization of Japanese sports under professional associations greatly aided Hitachiyama's proclamation in coming into being--although much more slowly than he might have liked. In 1906, women were banned from the most popular arena for competition (from the physical ring, to be clear). In 1926, onna-zumo as a professional, spectator sport was formally outlawed.
It was popular enough that women wrestlers still competed for audiences into the 1930s, but by then there was no question that sumo was Japanese, nationalist, and male.
Sports culture didn't leave women behind. The government attempted to promote it as, essentially, a form of exercise for women, to help develop strength and make them "good wives and wise mothers," as a contemporary slogan ran. In point of fact, judo rather quickly proved more popular among women themselves.
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