Armour that shows lots of naked flesh is ridiculous, but there's plenty you can do to make it flatter the female form without resorting to that - after all many of the design features of existing armour exist to accentuate an idealised masculine physique - hence the huge , NFL shoulder guards that go way beyond simply providing protection/freedom of movement for the joint.

Female versions of the armour should not emphasise the shoulders (this isn't the 1980s) but well fitted gear should be able to show off her hips, waist, and should at least provide somewhere for her breasts to go rather than binding them (the criticism that you're just making a shot trap depends on how large she is up there I suppose, I kept my female's modest because an athletic physique is in keeping with her job role)

Actually there is skimpy armor. If my character had ***, they would be showing because her top is cut so low. There isn't much choice either. You have to wear it, essentially, because there's nothing else. It's fine, as long as it's not only female characters that show some skin. As long as men have to deal with it too, fine.