My wife plays this game with me. in D:OS she was very impressed that her female tank character's armor actually looked like female tank characters armor. Elves unfortunately ruin that good will. Even if both the male and the female do it. TBH, my desire to play the elf race is tempered by the fact that their armor design is ugly to me. But, I completely understand why the lack of clothing/presentation is bothering female players. If it was me, I would change the way their armor works and make it more substantial anyways. Larian should atleast take into account the fact that bikini armor was the dumbest thing ever drawn on any fantasy character irregardless of sexist intentions. All they need to do is a tight fitting bark skin like look to all the elves skimpy bits.
The simple fact that it is generating so much negative feedback, sexist or not, should be enough reason to change the 3D models. Even a slight change will make a huge difference to the community - the professional and public presentation and the overall art design. Larian has done elves well in the past - no need to change that now.