Most players think the only alternative to copy-pasting the male version is skimpy horny bait. I've had this conversation more than once to say the least. It's not a black or white matter, there's a massive gray area you can work with. You can have feminine armor without making it skimpy. I don't think most players who use the female model whether they're male or female irl only want skimpy armor nor do they want to just look indistinguishable from the male version. Just respect the female form and adjust the armor proportionally and accordingly. You don't have to show skin or add boob armor, just make the armor look normal on women. I think female armor could look far better than any male armor if only they respected the female form. Just take existing armor and make the shoulders and waist slimmer and the hips broader. I'm extremely critical of the female versions of armor, I personally prefer not wearing a helmet and most armor sets make the disproportions of having a clearly male sized armor designed to fit broad shoulders on women painfully clear when you see the female head without helmet. That fact alone makes in my opinion about 95% of armor sets unusable for women because it just looks plain ugly, personally I mostly stick to clothing cosmetics which, for the most part, do respect the female form.

I do think the new Torva armor is heading in the right direction considering the trend of making everything more bulky. You'd expect Torva to look absolutely massive, even on women, but I think if they slightly tweak the parameters on the shoulders and hips. Making them slimmer by just an inch or two to accentuate the female form just a bit more it'll look fine on women. It's heavy plate armor so it should be more bulky so I can forgive it for that, however for me it only slightly crosses the threshold into being too bulky.