There's reason's why guy's are hesistant to approach women, and I think they're pretty obvious when you think about it. Men fear approaching women(whether they're giving you IOI's or not), because all our lives we've heard women talk negatively about guys approaching them. How many times have we all heard women say, "Uhhh, guys are so annoying, they're always hitting on you", or "Oh my God, I was at this bar last night and this creepy guy kept hitting on me", or, "I hate going to clubs because all these guys try to hit on me and it's so annoying". Look at these words, nothing but negativity, negativity, negativity, shame, shame, shame. I mean come on, is it any wonder so many men are hesitant to talk to random women they find attractive? Growing up your whole life hearing this negative jargon from women, only conditions guy's to think and make them feel like they're doing a disservice to women, and makes them feel uncomfortable to approach women they like. Guys are so worried they're going to be coined as "creeps", "annoying", and "desperate" if they approach, because they've heard all their lives women consider men who hit on them as just that; "creeps", "annoying", "desperate", etc. And the only one's to blame are women themselve's. They've conditioned us from the time we're f*ckin' born, to think there is something wrong with approaching them. I'm almost positive this is why I'm so hesitant to cold-approach(or sometimes even approach when I'm getting IOI's). The negativity that they've placed on approaching them is so bad that even when they're giving us signs of interest, we're still hesitant to approach. Then they wonder why they can't find guys, and then have the nerve to b*tch and complain that no men approach them. Once you're conditioned a certain way, it's almost impossible to break out of it. Most people don't break out of it I would say, that's how intense it is.
And the other reason guys are hesitant is because it's common knowledge out there that women reject most guy's. She'll even reject guy's who she's giving IOI's to(women have rejected me quite a few times after giving me IOI's?). It makes guy's think, "Eh, what's the use".
It's funny because I was having this same conversation with my buddy last night, who is annoyed over the fact that I hardly ever cold-approach.