Is it though? The whole "contoured torso" design is quite detrimental to protection, you want it bulging outward in a wide arc. And you don't want your neck expossed like that, either. Though the person to the right of him with considerably less slutty armor has very similar design issues.
Oglaf is a work of smutty fiction. In their world, the level of protection a set of armor provides is directly correlated with how slutty it looks on the user :>
If you hit the outer part sure (though they'll dent and cave in very easily, which would quickly negate any advantage), but if you hit between the boobs you'll actually get more purchase than if you hit someone with a flat-chested armor.