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Let me have a shot at it
Traditionally, in the US, one would take a certain amount of pride in the school one went to. And then there became a tradition of caring about the football games that one's school would play against other schools.
This then developed a tradition of "homecoming" where former graduates would return to the school for a day, and there would be a big game and a dance/party/event, typically in the school's basketball court/gymnasium/PE area. And in the interest of raw pageantry, the schools would elect a homecoming King and Queen, by which they would be acknowledged as the very most popular throughout the school.
The Queen, in such a case, is generally a certain "type" of personality and looks: the perfect primpy blue-eyed blonde with a winning smile, current fashions, social graces and the air of "daddy's little girl" faux importance/nobility that usually lasts into her mid-30s.
Today, several aspects of the whole cultural phenomenon have turned ironic, as is the case with many outdated social conventions. The term "homecoming queen" is thus used to describe a young woman who seeks that level of popularity, fashion, and good looks. Depending on who is saying it and why, it may be a compliment but sometimes it is seen as derogatory.
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