I agree with your main idea, but I definitely wouldn't tell people it's camera equipment either. Bad guys who see drones as easy money see camera equipment as easier money, as they can sell the items faster. When they see a large bag and they think it is filled with camera equipment, I think it makes it a bigger target.
My suggestion is that your bag looks nothing like a drone or camera bag. Disguised it as something else somehow.
This isn't an real suggestion but more of a way out there hypothetical, but I think you'd want your drone (or camera) bag to look more like a diaper bag type backpack than a traditional drone (or camera) bag. Who wants to steal those?
And actually that's not a bad idea. I just looked some up and a lot look like my drone bag. Semi rigid. Multiple pockets. Just need to sew on some "baby" style patches to my bag, maybe some baby buttons like "World's Best Grandpa" or "It's a boy/girl/'yet to be determined gender neutral child'" (you know, for those who are sensitive about that stuff.). Have a pack of baby wipes sticking out of the side mesh pocket. I think I just found my new drone bag disguise!