Or maybe is it not the same trophy, what 'it' is referring to (though I would think the cup Brazil got to keep was that anyways)? This saying gets said a lot during the men's world cup, there's even a song.
A quick social media search for "It's coming home" tells me that people are using it in relation to the England women's team, but not nearly as much as they used it in relation to the England men's team when they reached the World Cup semi-finals in 2018 or the Euros finals in 2021.
This is, as the question implies, partly due to women's football having a lower profile than men's football, but I suspect there's also the fact that the England women's team won Euro 2022 last year, ending the country's 56-year trophy drought. This may be why the phrase has seen less usage this time round, as to an extent, women's football already has come home.