Probably just playing, though I've noticed from my experience that while the females will often play along when challenged, they don't usually initiate the chest-bumping, hackles-flaring type of interaction. The more they age, the more the females will back out of such interactions (to defer to the males) until it's just the males left doing it with each other. That's with same-age chicks - eventually the males become more dominant and the females stop engaging in challenging behavior. Young males with older hens is a whole other story though - the hens will quickly put them in their place if they dare to challenge them like that