Flavonoids as Phytoestrogenic Components of Hops and Beer
https://pmc.ncbi.nlm.nih.gov/articles/PMC7570471/

The Effects of the Hops Phytoestrogen in Beer on Breast Cancer Risk
https://nutritionfacts.org/blog/the-effects-of-the-hops-phytoestrogen-in-beer-on-breast-cancer-risk/
tl/dr - beer because of the ethanol, and 8-PN from hops, which is a selective estrogen receptor alpha promoter is proliferative on breast cells thus increasing breast cancer risk. And at the same time lowers risk for osteoporosis.

Tho' some sources (https://www.greenskybio.com/hops_extract/37420.html) say 8-PN exists at extremely low concentrations in beer as it is served.