It does work.
To catch a woman's interest, tell her she can't have something that she thinks she can always get.
She'll go to amazing lengths to get your attention.
Quite true, in fact as OP said "even desirable males are not hard to get for women" which only makes it work all the more when you become one of the incredibly small percentage of guys that knocks back a hot girl, shows disinterest, or better yet gives her shit and teases her (preferably in a good natured way - you don't want to be an asshole). Such behaviour reeks of confidence and confidence is ultimately what attracts women.
The main problem can be attracting their attention in the first place so that you can dismiss it, or give her shit about it. But some creative thinking can get you around that.
On the other side of the coin when you come across as trying too hard to get in her pants, whether by being too accommodating, worrying too much what she thinks of you (women can sniff this out a mile away) or as I imagine the OP probably does, metaphorically waving cash in their faces then you come across as desperate - and desperate is the absolute inverse of confident.
I remember one night I met a gorgeous girl at a bar and had a great night of playing a game with her going around to guys in the bar, smooching up to them for the one minute it took to get them to buy her a drink, which she'd promptly bring back and alternatively give to me/drink with me.
So thanks to the OP for being the guy that buys those beers and gives hot girls money so they can then get with the guys they really want to spend time with.