This article offers an interesting interpretation of the concern. Excerpts:
Rav Ben-Zion Uziel understands the expression “kevod ha-tzibbur” in a
different manner. In the course of a discussion of the right of women
to vote in elections and to be elected into office, Rav Uziel rejects
the assertion that the mixed seating of men and women in government
offices constitutes immodest behavior (Mishpetei Uziel, IV, Choshen
Mishpat, no. 6). Among other sources, he mentions our passage.
According to him, Chazal did not forbid calling women to the Torah
because of immodesty, but only because of kevod ha-tzibbur. From this
Rav Uziel concludes that when people assemble for a serious purpose,
there is no concern about immodesty, even if the participants include
both men and women.
According to Rav Uziel, the prohibition against women reading from the
Torah is not connected to the issue of modesty. Why then did Chazal
forbid them to be called to read from the Torah? He answers: “So that
people not say that there is nobody among the men who knows how to
read from the Torah.” This explanation is based on the practice that
was current in the days of Chazal, that each person called to the
Torah would read his portion out loud. Were women to be called to the
Torah and read from it, the impression would be created that the men
are incapable of doing so, and therefore they require the assistance
of the women.
Chazal apparently based their concerns on the simple assumption that
it is men who regularly participate in communal prayer services. It is
men who are obligated in communal prayer, and it is men who can form
the required quorum. Even had Chazal not barred women from active
participation in public Torah reading, it may be assumed that most of
the Torah readers would have been men, as it is they who go more often
to synagogue, and it is they who are required for a quorum.
Furthermore, according to many authorities, the majority of the
readers must be adult males even if women and minors are included
(Rema, Orach Chayyim 282:3). According to most of the Posekim, as well
as according to accepted practice, women are not obligated to
participate in public Torah reading, and therefore nobody would expect
them to acquire the necessary expertise; this obligation is cast upon
men. In such circumstances, were women to be called to the Torah, it
would give the impression that the men – who are obligated to conduct
the Torah reading and to hear it – are not fit to do this. When the
men of a community are perceived as negligent in fulfilling their
religious duties, this is a stain on the community.
The article offers various angles on this issue. I have viewed some other articles on this topic, and, this is just one take - the one I feel is the most substantive and "intelligent". There is a separate paper that discusses whether kavod hatzibbur may be waived by the congregation regarding women reading Torah. There seems to be varying opinions. When, I can, I will update this answer with a link or two to the various articles.
