For much of history, drag queens were men, but in more modern times, cisgender and trans women, as well as non-binary people, also perform as drag queens. It may have been based on the term 'grand rag' which was historically used for a masquerade ball. The origin of the term drag is uncertain the first recorded use of drag in reference to actors dressed in women's clothing is from 1870.
Drag queens from Buenos Aires in 1995, advertising a nightclub