I'd say any decently competent character designer can make modest designs, no need to go to a triple A media company.
As for the middle ground you suggest, I don't think it'd work like you'd hope. For starters, complainers like Wincenworks don't really care about armor. They care about anything that makes female characters look sexy or attractive. They'll bitch about cleavage in what's supposed to be just a cloth outfit. So even if you could appease them with more reasonable armor designs, they'd just move on to characters who aren't wearing armor. Then once all female characters aren't showing skin, they'd move onto complaining about other aspects that are too "sexy".
In other words, even if designs like these were common place:
View attachment 2924921 View attachment 2924925
They'd still be finding things to bitch about.
Then there's the question of what happens when you tell a character designer to make armor that looks like dresses. You can easily end up with something like what Caramelo posted, which amounts to a decent dress with some random armor bits slapped on. That can work from a modesty standpoint, but anyone who wants something closer to practical looking armor is likely to be disappointed. While the complainers will of course still bitch about anything in the design that's too feminine for their liking.