It comes down to this: would it be hilarious and fabulous to see a woman dress in a suit or a dinner jacket? No. And that's not because 'women have more freedom in what to wear'. It's because things women have historically chosen or been expected to do and wear are viewed as either frivolous or sexual by men.
It would certainly have been both hilarious and fabulous to see a woman dress in a suit or a dinner jacket in the 1860s or 70s. Male impersonators had very popular stage acts during these decades and beyond.
Their popularity was due to their contrast with the social norms of the time, which did not conventionally permit women to wear masculine attire. Their acts involved accentuated portrayals of masculinity beyond attire - movement, voice etc - the more 'hyper masculine' the performance, the more popular the impersonator was.
And that is exactly what we are seeing now.
Drag kings do not seem so salient now (outside of LGBT+ community anyway) because it is not unusual or entertaining to see women wearing masculine attire: it is entirely conventional . And entirely unconventional for men to wear women's clothing.
When we get to a time that men can wear women's clothing and for it to be unexceptional, I imagine we will see a decrease in drag queens.
But certain sections of society, eg as may be found on the feminism boards here, maintain a viewpoint that this is deviant, perverted act, and this makes it harder for men to step outside of conventional norms for clothing, and ensures the continued popularity of drag queens.