Bukhari (Ref: 1.301) Narrated AbuSa ‘id Al-Kudri:
Once Allah’s Messenger went out of the Musalla (to offer prayer) of Id-al-Adha. Then he passed by the women and said, “O women! Give alms, as I have seen that the majority of the dwellers of Hell-fire were you (women).” They asked “Why is it so, O Allah’s Messenger?” He replied “You curse frequently and are ungrateful to your husbands. I have not seen anyone more deficient in intelligence and religion than you.” The women asked, “O Allah’s Messenger ! What is deficient in our intelligence and religion?” He said, “Is not the evidence of two women equal to the witness of one man?” They replied in the affirmative. He said “This is the deficiency in her intelligence. Isn’t it true that a woman can neither pray nor fast during the menses?” The women replied in the affirmative. He said, “This is the deficiency in her religion”.
There are two very similar, yet different, Ahadith both narrated by Abu Said al-Khudri on this issue. Compare this Hadith with this another one:
Narrated Abu Said Al-Khudri
On ‘Id ul Fitr or ‘Id ul Adha Allah’s Apostle (p.b.u.h) went out to the Musalla. After finishing the prayer, he delivered the sermon and ordered the people to give alms. He said, “O people! Give alms.” Then he went towards the women and said. “O women! Give alms, for I have seen that the majority of the dwellers of Hell-Fire were you (women).”The women asked, “O Allah’s Apostle! What is the reason for it?” He replied, “O women! You curse frequently, and are ungrateful to your husbands. I have not seen anyone more deficient in intelligence and religion than you. O women, some of you can lead a cautious wise man astray.” Then he left. And when he reached his house, Zainab, the wifeof Ibn Masud, came and asked permission to enter It was said, “O Allah’s Apostle! It is Zainab.” He asked, ‘Which Zainab?” The reply was that she was the wife of Ibn Mas’ub. He said, “Yes, allow her to enter.” And she was admitted. Then she said, “O Prophet of Allah! Today you ordered people to give alms and I had an ornament and intended to give it as alms, but Ibn Masud said that he and his children deserved it more than anybody else.” The Prophet replied, “Ibn Masud had spoken the truth. Your husband and your children had more right to it than anybody else.”
Both of these Ahadith seem to be talking about the same incident; yet, the other one does not have the Prophet saying that the reason for his statement is the evidence of two women equal to the witness of one man or because of menses. It is obvious that in the second Hadith, the Prophet (s.a.w) is not talking about all the women but just those women who curse frequently and who are ungrateful to their husbands. In fact, he is addressing those particular women and nowhere is it apparent that he is talking about all the women. So, the first Hadith, which you have quoted, is more likely is a distortion of the second Hadith. Another thing that I wanted to point out was that the heading of the Hadith that you have quoted was “Menses”. Could it be that the Hadith is referring to the issue of PMS, which has now been proven to be a biological reality?