This is testable. Show the panties to a group of people that never grew up in the age where bows were necessary. See if these people like the panties with the bow or without.

I suspect it’s not a skeumorphic thing, but rather just aesthetics. There are probably other ornamentations that work too, like flowers or embroidery

Eloise would probably respond that internalized sexism makes women want the bow as well, because society makes women want what men want…or something like that