... the bullets themselves would only be a fraction of the reasons you'd properly design body armor. Forcefield failure mixed with shrapnel would be reason enough, to say nothing about non-bullet combat related stuff. Even stuff that's
not combat armor would want to avoid boob plates or anything like them. It's just terrible design from a functional perspective -- does pretty close to the exact opposite of what you want protective outerwear to do
It doesn't look sexualised, basically.
It looks suicidal, which is kinda' the problem. When it comes to the outward appearance of armor, there isn't really "male shaped" or "female shaped", there's "will keep you alive" and not really anything else. Its
inner shaping and construction is likely to be different, and the
general shape might change due to body type differences, but you're going to have pretty similar appearances otherwise. Keeping killy stuff on the outside is a pretty universal objective, and you pretty much want to keep the killy away from the same places regardless of gender.
I mean, I guess blunt ignorance of how armor and whatnot works changes the way the look is interpreted, but... putting women in functional armor definitely wouldn't be sexist.
To be fair, from what I vaguely recall those sculpted ab armors are fairly stupid, too. Y'can throw those out during the same process.