To do something with confidence, sauce, skill, flair, and
excellence.
Related to: “Getting your bag” meaning getting your money. “In your bag” is related because it means you’re in your element doing something with the skill and swag of a pro. It means you’re in your element.
Slang history: Related to the 50s slang to have something “
in the bag”, which meant it already
accomplished, or so assured with confidence, it was as good as done.