LBJ Had it right over 60 years ago

[Ocelot II]

7. Bingo. I really think the main underlying cause of transphobia is misogyny.

I agree with your point that cis women who don't dress in stereotypically feminine ways are less upsetting to the bigots, but they still don't like trans men because those are people who were born female but have the nerve to be men! If you're born female you'd better stay that way and learn your place. Have some babies and STFU. But still, a drag show made up of women wearing suits, ties and fake beards wouldn't scare them nearly as much as a regular drag show does.