I was in one of those in college. Literally the only benefit that group provided was that all members could share 3 floors of a dorm and those floors were reserved for WISE. Campus housing was already largely segregated by sex, but some of the floors not in use by WISE were for men. This wasn't a particularly nice dorm building either (in fact many argued it was one of the worst). But the WISE program did give us a good benefit by making it easier for us to find people we could study with without having to venture out to the library or random people's dorms all the time. I see no reason that a male equivalent of this program shouldn't exist though.
Most "womens" groups I avoided like the plague though. I didn't like the implication that I needed special support or something. It's the same reason I've turned down requests for me to speak to "women in tech" groups and the like. There's a pipeline problem, but it was started well before college for most folks, so these groups are really not very helpful for bringing people in anyhow.