I often get a slight chuckle when I hear that interpretation. It would be interesting to find out when that idea started. It wasn’t in operation when the church was formalized as they required that bishops be single, which the Catholic church still holds to today. Of course they are wrong also.
That interpretation doesn’t even fit the flow of the context as all the other things listed were moral characteristics not physical requirements. There have been good scholars who have figured out that it must be representing a moral requirement without knowing it’s historical usage as an idiom for faithfulness. My guess is that even then it was an old idiom. Still today that idiom is used, of being a faithful type person in personal relationships. We say, he or she is a ‘one woman (or man) type of person’ or a “one woman man”, etc.
heis gunE anEr means 'one woman man'. It is an idiom. If we take the idiom in context, it would be rather strange or lazy language for Paul to first say that anyone (tis) who desires the work of elder desires a good work and then go on in very unstraight forward words to possibly suggest that only husbands can be elders. That is totally not Paul’s style.
In addition, that erroneous interpretation misses the Hebrew style word play in the beginning that says “faithful is the word” and then goes on to say that the first requirement is a faithful type of person.