There has been much discussion about Jenner’s physical appearance in photographs captured by Annie Leibovitz that show the Olympic Gold medallist posing on a stool in a corset.
Many commentators “wasted no time in treating her as a woman”, according to Stewart.
The Daily Show host illustrated his point with a number of clips showing broadcasters describing Jenner variously as “sexy”, “stunning” and “hot”.
"Caitlyn, when you were a man, we could talk about your athleticism, your business acumen," Stewart said. "But now you're a woman, which means your looks are really the only thing we care about. Which brings us to phase two of your transition: your 'comparative f**kability.'"
His concept of comparative f**kability was demonstrated in clips highlighting the comparisons made between Jenner and the actress Jessica Lange and questions posed over whether Jenner “was hotter than [her ex-wife] Kris” and if she had a “better body” than her step-daughter Kim Kardashian.
"Look, we want to give a woman a compliment here," Stewart continued. "We just need to make sure another woman gets taken down a peg in the process.”
Finally, Stewart underlined the ultimate caveat for being treated as a woman in the media - ageism - with a quote from one broadcaster who noted that Jenner was “looking good – especially for her age”.
Jenner's transition has been celebrated across the world, while the cover has been praised as a crucial moment for transgender rights and visibility.
But some have criticised the cover for imposing a "narrow standard of femininity” by presenting a glamorous, airbrushed Jenner in lingerie.