I don't know, I think there's still a difference between "exaggerated" armour and "form-fitting/exposing" armour. I think your point is valid, yes, but we're talking how much your disbelief can be suspended.
I think most people find it easier to accept spiked/flamboyant armour as practical than they can exposed armour. Why? Well, even Divinity's daftest armours still covered the male player. He was still fully protected. It's also why we can accept ridiculously big hammers, light-as-air two-handers and so on. They're exaggerated for the sake of style and flair.
But 'female armour' isn't the same thing. It's deliberately exposing for, well... no purpose beyond a bit of excitement. Phwoar, look at 'er legs and all that. It's so much easier to accept armour with spiked shoulders than it is armour which leaves a woman's cleavage exposed. You're still right to say it's not entirely realistic to have spiked armours and so on, but it's less realistic to have exposing and form-fitting armours.
And, really... non-flamboyant armour would be pretty dull
