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If you're an AFC who has no game, buying drinks for women will just hurt you even more. You won't get the girl and your wallet will be lighter.
Not buying women drinks gives AFCs a small advantage in that it acts as a slight value boost if pulled off correctly. It can communicate that they aren't an alcohol charity like all the other schmucks they manipulate into buying their drinks. Also, when AFCs typically buy women drinks, they do it in a supplicatory manner and it just enforces the impression that they're AFCs.
If you're actually charming and have game, NOT buying drinks for women can actually hurt you because you're breaking social etiquette and giving yourself an unnecessary obstacle. Sure, there's a chance that you might send a small message that she can take advantage of you if you do buy her a drink, but that can easily be calibrated back to your favor if you know what the hell you're doing. If you don't, there's just more damage control and/or frame control to do. Turns it into more of a high-wire act and that can suck.
Regardless, buying a woman a drink should almost never be the first thing you do when you first meet a woman. And if its the first thing she asks from you, that should be an immediate red flag.
Now that's a great answer.