As Dell puts it in 'Wrestling with the Mainstream Press', you learn more about the spectators than the wrestlers at a wrestling match. In this case, you also learn about the sexual politics of the 50's, when the social norms would have women quiet, chaste, and certainly not violent, but at ringside or watching at home, female wrestling fans of all ages and and classes broke away from their everyday roles. Ladies scream at the villains, threaten them with bodily harm from their own hands, and even swooned over their favorite heroes, things they would _never_ do in a normal setting, at home or in public. Why?
For most of everyday life, these women were expected to suppress all anger and aggression, to be pure and chaste (at least until marriage), and submit to the dominant men in their lives. At the wrestling arena though, they can transpose all that pent-up emotion on to the characters in the match, to hurl insults and threats at the unfair ref and the dastardly villain (perhaps the representatives of male oppression they are faced with continuously), and even to call after their favorite hard bodies, and perhaps aggressively pursuing the wrestlers outside the ring! The environments of the wrestling arena and matches are outlets for all these suppressed emotions that the female fans carry with them day to day, all the rebellious, violent, independent or sexual urges every human has that are not acceptable for a 'normal' woman to have in that day and age (and honestly, there are lingering gender stereotypes like those even today). It is this emotional censorship that gives rise to the Hat Pin Mary's, the most energetic female fans that would physically attack wrestlers or refs when they got close enough, with pins and bottles, shoes and bags.
The other amazing aspect of this female-fan behavior is that, while it was surprising to the husbands and other men in attendance, it didn't hurt the reputations of these women all that much. Being loud and violent and even lewd at wrestling matches was basically exempted behavior, when in everyday society such behavior would be severely frowned upon and possibly stigmatizing. While wrestling in itself is not exactly considered the highest form of cultural sophistication, it did not hurt one's reputation to be a fan, even for women (unlike nowadays). Amazingly, wrestling became a source of liberation for women, as both fans and later as wrestlers themselves. Who'da thunk?