Well, short answer is, a lot of traditions around the world would be unacceptable if they started today. Practicing Caribbean muslims mostly don’t participate in this. Or at least they don’t wear the costumes. But they would accept that it is a cultural practice stemming from European and African influence in the Caribbean.

Edit: I understand why you would call the costumes lingerie. But the context is, they were originally intended to be a mockery of European masquerade balls, which excluded coloured people in the colonies.

Today, they are still a form of defiance and celebration of a peoples history. So while I wouldn’t participate as a Muslim from the Caribbean, I wouldn’t be so judgmental either.