I always took this to mean the Queen. But it may be a more abstract thought. Maybe, in her dis-associative state, she’s started taking on the qualities of the man she loved. Maybe with all her inhibitions out the window, she starts asking the big questions. What HAS happened to her country? Where has its beauteous majesty gone?
We think she means the queen because beauty is so often correlated with women – but perhaps it’s a bigger question.