You're absolutely right that the male character's armor is impractical. My problem with the original female armor is the reasoning behind the design decision. The male character is unbalanced with heavy spikes that serve no purpose because it makes him look badass. The female character has exposed skin because it makes her look sexy. For reference, look at their ridiculous belts. Totally different, completely impractical, and they both look cooler for them.

Look at what you're saying: "I think she looks like a badass regardless of showing a bit of the belly." Based solely on their (very detailed) faces, these characters are both supposed to be powerful and awesome. Doesn't it seem like the armor design should match the rest of the portrayal of the character, instead of being something that they're badass "regardless of?"

I'm not a fan of the muscle-bound, walking-mountain look either, but that is a valid design decision because it's based on making the character look more threatening and powerful, not increasing sex appeal. I don't want her to wear a copy of his armor, or a version that fits a different armor class but maintains the same aesthetics. I want her armor to be something that is cool without maximizing exposed skin, instead of being cool in spite of that. The change they made couldn't be more perfect, in my opinion. Her style is completely different from the male character's, she doesn't look encumbered, and she looks awesome.