I'd side with this opinion if it were a medieval game, where you'd actually have to worry about a blunt object going toward your chest. But, since it takes place in the future, where there are guns, it doesn't make sense to have armor anyway. A lot of the time it's more important for things to be easily identifiable than realistic.
It's more interesting to design characters around their gender. It helps them not blend together.
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In the future, you still risk falling and projectiles hitting you. If you're in on a spaceship that's falling apart (see: Mass Effect 2 intro), you can get his by debris. You can end up in hand-to-hand combat with a huge as alien. This is still relevant and necessary, because sci-fi combat isn't a game of chess. You can still make feminine armor without making it a death trap. It's not that hard.
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See also: the Halo franchise. You'd think diving from outer space is some kind of extreme sports in the future.