Meaning

originShortened from honey. The transgender slang sense derives from the supposedly abundant use of "hon" as a term of address by older transgender women, presumably as a way to verbally affect a femininity they are otherwise perceived by some to lack (due to not passing well), and is especially associated with the cliché phrase "you look great, hon". Derogatory sense likely came about from users of…

Etymology from Wiktionary, CC BY-SA 3.0