I agree with you to some extent, but it's hard to imagine a way in which the ratio of unbound to bound androgen receptors could NOT be important in causing an anabloic effect. A 300lb bodybuilder is going to require a LOT more transcription going on just to maintain then a 200lb bodybuilder, remember everything is always in flux, catabolism is always battling anabolism.
There are many more in depth theories that hold weight also. Dan Duchain's theory was that only after all receptors are filled do androgens start becoming strong glucocorticoid receptor antagonists. Under this hypothesis, more receptors would mean more hormone is required to create enough "excess" for GC antagonism.
There are other interesting questions also, such as how much of a role the exact structure of the hormone affects the end result of transcription, since the entire complex (hormone+receptor) is part of the reaction.
How sex hormones access the AR is also any area unknown. The passive diffusion across the cell membrane theory is not longer considered the main way hormones enter the cell, it is now known that there is a membrane receptor for the SHBG complex (with hormone attached), and that entire complex is transported to the AR. Not only that, the SHBG complex has a role in modifying the resulting transcription! So what was once thought of as a storage mechanism for sex hormones is actually an active transport system.
I give these examples to further show how little of the entire process we understand, and how much more complex it is than just androgen+receptor.