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Miraculous Ladybug is filled with excellent subversions of gender stereotypes. And no, I'm not just going to say it's feminist, because what I'm talking about is much broader than that. The show is filled with characters that refuse to fit the standard roles their gender lays out for them, both for female and male roles.
Let's start with the most obvious example, Marinette Dupain-Cheng, or Ladybug. It's pretty clear that her character and function in the story revolts against stereotypes of femininity: she is a woman—well, a girl—but she leads her team, which is a traditionally male role. She is the decision-maker, the rationalist, the realist, the one who catastrophizes before she hopes—this is stark contrast to the traditional expectation that women follow and comfort, holding the team up with optism and joy. She is the head, not the heart (that's Adrien). She is driven, strong, determined, and self-assured.
Adrien, too, subverts stereotypes—perhaps more than Marinette, although it's not something you notice immediately like Marinette's subversions. (This is because we're familiar with the patterns of feminist characters, but not the anti-sexism found in Adrien.) At heart, Adrien is arguably the most clasically "feminine" character in the show. On the surface, it's easy to see—he is a model, objectified for his beauty, something that has been done to women for all of history and is still being done today. But it runs deeper, too. He is submissive, mild, willing to bend to other's will—both his father's and Ladybug's, as well as the desires of other people in his class like Chloe and Lila (both of whom are, interestingly, women). His kindness and sensitivity, as well as his role as the heart and support when suited up, all mirror traditionally feminine traits and roles.
And yet, despite all this subversion, neither of the main characters are simply a rebellion against stereotypes. It's clear in Chat Noir's tendency to flirt and his function as a protector, but it's especially evident in Marinette, who doesn't just subvert female stereotypes—she also fulfills them.
Marinette is a leader, a thinker, a pessimist, but she's also interested in fashion and art, both of which are considered feminine. More than that, she's incredibly kind, exemplifying that women can abandon the negative feminine stereotypes of submission and obedience without sacrificing the positives like kindness and selflessness. And finally, she's clearly not a "strong independent woman who don't need no man" because she wants a man. No, she doesn't need a boyfriend, but she wants one. True feminism doesn't mean women throwing aside all romantic relationships, it means not pressuring women either way, into or away from romance. Marinette can be strong and independent while still loving someone and wanting to be loved back.
The characters in Miraculous Ladybug are not governed by stereotypes. They were written to be good, nuanced characters, not feminist characters. Marinette has both feminine and masculine traits, proving that traditional "feminine" values are just as valuable as "masculine" ones. Adrien has both, but far more feminine than masculine traits, demonstrating that masculinity is not superior, and that toxic masculinity is just as harmful as classic sexism.
Miraculous Ladybug didn't say "We need to stop forcing women to be feminine," which is a common and harmful misinterpretation of the feminist vision. It didn't say "We should let women act like men!" or "Femininity is bad! Let's leave it all behind." It said, "Stereotypes—both for men and women—are harmful, and we should let people just be people instead of defining them by their genders." It created a world where there are no traditionally feminine and masculine traits, there are just people traits, and anyone can be anyone.
Miraculous Ladybug set up a good stakes system in the first three seasons with this simple rule: identities must not be revealed. If they are, there will be dire consequences. Hence, while we don't really believe that our main characters are ever at risk of dying, we can accept that they might someday lose their masks, and that that would be bad. It's a risk that adds real weight to the action and plot. It also justifies the endless identity dance between Marinette and Adrien. But then Miracle Queen happened, and all the heroes except for our main two were outed. We saw no consequences in that episode. We saw no consequences in the NY special, and we've seen no consequences in season four yet, either. This makes the entire narrative feel far less convincing and lowers the tension immensely. Not to mention that it almost completely invalidates how Adrien and Marinette continue to hide their identities from each other. (It doesn't invalidate their secrets completely because we're not going to forget Chat Blanc any time soon, but it still lowers the stakes considerably.) Not only are almost all the superheroes out, but Alya still sometimes runs around as Rena Rouge, despite her identity being publicized. And she knows Ladybug's identity, which we've been told is dangerous, but we haven't seen anything that convinces us it's dangerous. The thing is, we have seen negative consequences of identity reveals. Chloe being akumatized is one instance, and another is Chat Blanc. But the show has done nothing with the biggest large-scale identity reveal so far (the one at the end of season three), which makes the "we must keep our identites a secret" spiel very hard to swallow, and makes the entire plot feel almost risk-free. I hope that Optygami shows us the negative consequences of this large-scale identity reveal, and returns strength to the narrative by doing so. TL;DR: With a few rare exceptions, we haven't seen much to back up the story's constant claim that identity reveals are dangerous. I hope that Optygami will finally show us some of the disastrous consequences of identity reveals, thus adding more weight and stakes to the narrative and justifying Marinette and Adrien's continued secrecy.