A development studio comprised solely of men is not an excuse for sexism in games. At all. And the thing about men not playing games with female protagonists? Completely debunked by Tomb Raider, Mirror's Edge, Portal, The Settlers 7, a large chunk of the adventure market, and that's just off the top of my head. There are plenty of men in the creative industries who can draw, write and create women without resorting to sexist ideas.
Dev studios should bother because women are almost half of the gaming community. Women are fighting tooth-and-nail to be taken seriously as gamers in the face of sexism from development studios (intentional or otherwise) and some extreme sexism from the gaming communities themselves. They should bother because this is the year 2012, and we should have left many of these ideas behind.
But even Venetica wasn't perfect. Performance issues aside, many of the armours were overly-feminised/sexualised. They weren't particularly practical. Looked great, sure, but weren't as functional as they should have been.
