A Bra and Panties match is so named because it takes place between any amount of female competitors with the winner being the first to strip her opponent to nothing but her bra and panties. An Evening Gown match ends the same way, but instead of the women starting out the match in regular clothing or ring attire they begin in evening gowns. WCW held an "ROTC" match of the same nature, with the contestants beginning the match in camouflage military style attire. Xtreme Pro Wrestling went further with the idea; promoting a Buck Naked match , during which one competitor was supposed to be stripped completely.
Torrie Wilson vs. Stacy Keibler - Bra & Panties Match - 7-4-2002 Smackdown
The matches had two female competitors who would compete to see who could strip their opponent down to their underwear first; it seems those kinds of matches are best left in the past. Even so, Alexa Bliss doesn't look down on the women that did them. Our Evolution started when the first women's match ever happened. It took the Attitude Era. It took the NXT era.
The infamous stipulation was a staple of the Attitude and Ruthless Aggression Era. The WWE like to present their female wrestlers as being equally and sometimes even more talented than their male counterparts. Before the exclusive pay per views and the main events however, the Wrestling industry in general and the WWE in particular, were not very inclusive of their female employees. They were generally treated as eye candy and when they did wrestle it would barely last more than a couple of minutes.