I can't believe no one's said it here yet:I don't like Drag stuff, it's just not my thing. But I've met many who enjoy it and see it like a sort of entertainment/live show thing. They pay to see these people and expect a character and comedy to go with it. It just makes me think of Pantomimes with an adult and often sexual twist thrown in.
I guess at Pride they like to be seen as fashion queens and comic relief.
They're minstrel shows.
Drag is a female minstrel show.