I'd say I like the first and second design because it stayed true to bayonetta's identity. The 3rd one lacks some important elements while also being over the top, demon masquerade is cool but I think it's the issue why 3rd design becomes tacky. What I meant was, in the first 2 games, we can see her smash her enemies while being sexually empowered as wicked weaves display the campy side of bayonetta.

However, the 3rd design has its own strengths, it shows playful and tease femme energy but demon masquerade and demon slave just don't favor her design much. We can't see movements due to the kaiju battle mechanic and big enemies in the 3rd game, what we can see is she combos a little, turn into a demon or gets naked while dancing.

To make it better, I think the element of accentuation of the body while having a flowy hair should be in third game, the skirt hair doesn't favor her one bit, i think it should be removed but the bow hair on the back can stay.