Yeah, the first reply pretty much nailed it. There's nothing inherently wrong with the idea, but it still has to match the rest of the game. In games that are trying to be serious, ridiculous outfits or fanservice camera angles can often seriously undermine scenes and characters that are supposed to be dramatic. What's been bugging me lately is that this stuff seems to have become the default, rather than just one option. I feel like a lot of developers are just throwing it in without thinking about whether or not it fits with what they're going for. I don't think it's always even a "sex sells" mentality at this point, I think a lot of designers have just accepted this as the norm and do it without thinking.
I'm reminded of a video I saw on this site a while back (it was either Movie Bob or the Jimquisition, I honestly forget which) which discussed the way female characters were presented by showing a lot of pieces of official character art, all in poses designed to be alluring. One of those pictures was Morrigan from Dark Stalkers, and it didn't stand out at all, even though that actually was an accurate expression of her character and personality. When you have a situation like that, it shows that a lot of designers have gotten mighty lazy.
One game I can think of that handled this well is Demon's Souls, where armor and other clothing had different models for male and female characters, but all of it looked like something you might actually wear to protect yourself (some of the armor even looked like real armor). Even when you took everything off and your character was standing around in their underpants, they still looked like extremely practical underpants, the kind of underpants you might actually wear into a combat situation. that was very important for a game was such a heavy focus on its tense and bleak atmosphere. People running around in bikini's would have made the game less serious and frightening, and consequently less enjoyable.
