Wading in a little late on this, and I'll be brief as it's getting late.

Bikini armour is outdated, pointless and serves no purpose beyond titillation. It is impractical, it doesn't cover nor protect, and is an aesthetic choice. The only character who can ever really, truly carry off bikini armour (or anything like it) is Red Sonja, and that's pushing it at best.

As for the exaggerated armour? Obviously a joke, as Larian have stated, but isn't far from the truth. If the female character is putting on plate armour, it needs to be big, bulky and covering. Female variations on armour tend to really not be all that different. Perhaps made, typically, for a shorter person with wider hips/narrower shoulders, but aesthetically and functionally they're the same. No allowance needs to be made for the breasts, either, as they do a thing called "squishing" (and the female in question would likely have them 'strapped down' anyway).

Boob cups on armour are dangerous. They don't deflect blows, instead they draw them into the centre of the rib cage (i.e. towards the heart), and if a blade goes that way then it's much easier for the assailant to simply push upwards and hey presto, the defendant has a sword sticking up out of the top of their head. On top of that, if the person with boob armour should fall over onto their chest, it's likely that the centre of their ribcage would be cracked open along the 'ridge' in the middle of the armour.

Divinity II was probably the 'limit' in terms of what you could get away with for female armour, but even then it was undoubtedly a case of aesthetics above practicality. Male armour was, for the most part, fully covering. Female armour had boob cups, exposed cleavage (in other words: Pointy Bit Goes Through Here signs), skirts, bare legs and so on. I won't say "sexist" (though, truthfully, it is), but it was problematic.

However, I think it's less problematic if you also work for the 'female gaze', i.e. you have armours where men go topless or otherwise are 'Conan-esque'.

This link should provide even the casual reader with quite a lot of information about feminine armour. Here you go!. I disagree when he talks about Mass Effect's armour (it's unnecessarily different), though, but the point remains.