It's part of their drag identity... 9 times out of 10 a drag queen is supposed to be dressed excessively and garish. Crazy hair, sparkles everywhere, makeup an inch thick on their face.
My Mother told me an interesting story involving Drag Queens.
My Mother was in her 20's and took her Mother and Grandmother down to New Orleans for a vacation. While they're there, they see an advertisement for a female impersonator show. They were under the mistaken impression that this was a show where women would impersonate famous female figures like Marylin Monroe, etc. Chock it up to the fact that they're all a bunch of goodie-two-shoes Italian Catholic girls from suburban neighborhoods in very conservative times (Mom was born '56).
As you might have guessed, it was not what the expected but a drag queen show. Most of the drag queens performed strip teases or sang and it was apparently a good show, but my Mother was incredibly worried about what her Grandmother would have to say about it.
After the show, my Mother turned to her Grandmother and apologized for taking her there, but my Great-Grandmother shushed her. She said (and I quote), "It's fine if they want to be women, but they should at least be respectable women!"
I was about to go off and tell you how those aspects of the outfit worked and contributed to the ensemble as a whole, but then I realized you were joking and I was fashion offended for nothing.
"However, son, I feel I should warn you that there appears to be a large mammal attached to your head. I don't know what it is, but even if it isn't dangerous there's no way it's hygienic." jokes aside this was pretty heartwarming