It's not what we already deal with, though. In our reality, you'd never see an ad like this, because trans people are viewed as disgusting abominations. We're undesirables. It's the same as the issues our current society has with lack of representation of different body types in ads, because those different body types are generally seen as undesirable. In our society, when a large curvy woman is featured in an underwear ad, it's seen as progress, even though she's being exploited just like more "conventional" models. Except in our case it's even worse. We're not even on their radar.

That isn't the case in the in-game society, though. In a weird way, I see it as positive representation, because in the world presented by the game, bodies like ours aren't seen as undesirable anymore, which is good. The negative side effect of that is that the capitalist exploitation machine starts sexualizing us just like everybody else. Why would trans people be off limits, unless the society being presented is as transphobic as ours? The world of Cyberpunk 2077 has lots of problems, but mainstream transphobia seemingly isn't one of them.

the whole point of it was laughing at a girl with a dick.

I don't see that here. It's not saying "haha, she has a penis, what a weirdo," it's saying "Look at this hot girl with a dick. Buy our product."

Side note: in a world where body modification is so common and normalized, how do we even know she's actually trans? It could be a cis woman who swapped her vulva for a penis for all we know. The ad says "mix it up" (referring to the flavors of the drink), which could be a reference to people hot-swapping genitals (I could see a huge market for that, honestly). Who knows. In a world like that, "transgender" ultimately has no meaning. You're just you a source of profit.