According to Honegger-Massenkeil, Das Große Lexikon der Musik, published in Freiburg 1982 [an 8 volume reference work], the symbol derived from the semiminima rest. This looks like an uppercase-L turned 90 degrees in clockwise direction hovering between the second and the middle line of a staff counted from the top, so I assume the squigly line was probably the distortion of that symbol caused by handwriting.
I found an example in the lilypond documentation here, mirrored below in the middle staff. The first line shows the symbol mentioned by Caleb.
In this Vivaldi autograph facsimile (Concerto RV 107, Fuzeau Editions 5682) two quarter rests occur, which nicely shows an intermediate form and ilustrates, that the staff position was varied:
This Liszt-piece, printed by Diabelli 1838 shows not only another form (mirrored z-like), but by showing a combination of the older mirrored 8th rest and a second one rotated by 180 degrees [two eighth rests gives a quarter rest - mathematically pleasing], also suggests this as possible genererationgeneration path of the "squigly" symbol.