It is a term that has gone out of date. It used to mean an older, unmarried, childless woman, AKA a spinster, which is another outdated term. Funny that there was never a derogatory term for a male in the same category. They got to be called bachelors from the time they went through puberty until death.
However, I don’t think that it was men who coined this term. It was used mostly from mothers to daughters – such as “hurry up and get married our you will wind up an Old Maid.”