I think there is a happy medium though. True, there are a few companies out there that basically thrive on cheesecake for the sake of cheesecake. I don't mind that, if that is what you are into that is fine. But I don't think that fits Malifaux, I think it cheapens the setting especially in light of the very powerful female personalities that dominate the game in an era where historically (at least in our time line) women were second class citizens. It is a sad truth, but the truth nonetheless.
However Malifaux is also a game of horror and ugly realities that is unflinching in presenting adult themes to illustrate the dark underbelly of the setting. Sometimes those nightmares take the form of vicious female bird spirits that neither care if their nipples are showing nor have any real ability to make or attach pasties, and these creatures are summoned by mentally disturbed individuals who are interested in more important things than putting pasties onto a Shikome's nipples.
This isn't cheesecake for the sake of cheesecake, these creatures really should have their nipples showing. It is odd that the game allows for showing Gremlin ass on a model but not nipples on a horrific female monster, and the solution is that clunky looking.
That being said, apart from the pasties these models look like they have potential. I would be curious to see them in the flesh.