The standards of our criminal justice system have nothing to do with whether a private company can fire an employee for actions outside of work, absent contract language.
If your shoes are a color I don't like, in most states, I can fire you. I might have to prove why I fired you in court. But your assertion that a company couldn't fire someone for being arrested prior to their conviction is just wrong legally.
If a company wants to fire someone for being a drag queen, in most states, they have the right to do that. They might get sued, and they might have to prove that the person wasn't fired for being a member of a protected class (and gender is a protected class so this would be tricky), but, again, in most states, that's perfectly legal.
That company would likely face significant backlash, like a company who fired someone for loving to hunt. But that has nothing to do with the legality of the termination.