To be fair, “dick” is rarely (if ever) used as a compliment either.
However, it is meaningful that “cunt” is considered far more offensive than “dick.” It also may be meaningful that, while the etymology of “cunt” is disputed, it may have arisen from the Latin word “cunnus,” which means “vulva.” In general, nothing is more threatening than female external genitalia.
Vulvas are scary. That’s why, over in Africa, they mutilate vulvas, and here in the US, we simply pretend they don’t exist by summing up the entirity of female genital anatomy as “vagina,” a word for a mere cavity, which comes from a Latin word meaning “sheath.” We idealize an appearance of absence, driving a demand for genital surgeries, and we leave out detailed anatomy and physiology of the vulva from medical textbooks. It is notable that in textbook drawings, the vagina is consistently gaping to a point that is completely unrealistic, while the nerves and vasculature of the clitoris are consistently omitted.
In one analysis of genital slang, “female genitalia were significantly more likely to be described euphemistically, or to be referred to with terms connoting space, receptacle, abjection, hair, animals, and money.” Slang terms give a picture of how entities are conceptualized within our culture. In this study, the authors concluded that “women’s genitalia continue to be represented in a more derogatory way than are men’s.”
In general, there is more negativity and shame surrounding constructs of female sexuality than male. This extends to constructs of genital anatomy, especially external genital anatomy. Part of the cause is historic puritanism and sex negativity. Male external genital anatomy is effectively legitimized by it’s reproductive function. Female external genital anatomy signifies an active female sexuality that is not dependent on men. It is a source of female sexual drive and desire — both of which at least were historically scary to men. This is why Freud’s theories of vaginal versus clitoral orgasms were so appealing. This is why female desire (nymphomania) and female masturbation were considered pathological. In one recent study, men were found to feel more insecure in relationships with women who have high sex drives. I really hope this is changing.