So much overthinking for something so obvious. Almost all games cater to male power fantasies. If the men are exposed, it's to show how masculine and powerful they are. Female characters are there for the men to look at.
This concept is so ingrained into really any media that I'd bet most people don't even notice it anymore. That's why it's still very odd for gamers (in general, not all) when they see a trans character, or a gay male couple. the default for almost any game is: Girls look sexy, boys look badass. Honestly I'd be surprised if most video game armor designers even think "oh, this needs to be sexy" when designing female armor, it's just the default.