I'd say the critical part wrt suicides is not that people are competing for attention from the opposite sex, because that has been around for a million years. The critical new aspect is that people are now grossly underestimating their relative standing. And that's because social media makes the one pretty outlier actress from the other side of the globe feel personal and acessible, which tricks us into treating them like a valid comparison point even though most high school girls will never need to compete against a Hollywood actress on looks, because the latter one is unavailable to all of her male classmates anyway.
Is this actually true?
Just because the hollywood access (or porn star) is unavailable doesn’t mean the male classmates are behaving that way.
Putting female people into certain position doesn't turn them automatically into liberal challengers of the status quo, who rationally question the things they learned their whole life, certain kinds of pressure comes in the worst forms from other women (mother, grandmother, aunts, colleagues, etc).
E.g. if you are a girl in a typical family in Italy cutting your hair short, getting a tattoo, or not wearing a bra is something your relatives definitly will mention negatively to you. The only reason being that they have an idealized image of what a woman must look like to be a "propper woman". If you don't look like that they might think you are a lesbian, have psychological problems or similar silly causal connections.