On some level, Michigan is always "looking into a woman's hockey program," but usually, it's not with any degree of seriousness. The last time they put real effort into studying the idea, which was about a decade ago, they found that, for the cost of adding women's hockey, they could add three other sports, including men's and women's lacrosse, for less money. They opted to go the route of offering more athletic opportunities, and I find it hard to blame them for that choice.
One aspect is that Yost doesn't have the locker room space to add a women's team. They would either have to play at The Cube, a substandard facility about several miles from campus, or tear down Yost and build a new arena. Given the millions they spent to renovate Yost over the last two decades, the latter isn't happening absent a Pegula like donation.
Like wisccolorado, I'm deeply skeptical that this is going anywhere. Every few years, everyone gets excited about over some whispers that, maybe, this time it's going to happen. It never does.
