Sure it's possible for women like Lulu to exist, but not that often.

I think of her as a well endowed fashion victim, like Tifa in FFVII. Both women are similar in not just the most obvious way, but their costumes are inappropriate. In Lulu's case, her outfit makes her look more like a dominatrix than a black mage. It gives the wrong impression about her.

Despite all that, I like Lulu. I'm just annoyed that her character designer could have chosen something that flattered her appearance instead of detracting from it, and didn't.