Actually, it would work better than the Male version of the same armor.
Armor is angled and such not only to fit the curves of the body, but also to absorb and deflect incoming blows. having a flat or smooth curved chest plate doesn't do that as well as having a chest plate with several "weird" angles on it. the incoming weapon will twist is a fashion not native to the movements of the hand and wrist holding said weapon, and actually has a chance to disarm your attacker depending upon how much force they apply to the strike.
In the case of simple physics, Bewb armor would help to save a Females life better than the Male version.
Have you any idea what briasts are made of? What happens when you hit briasts? I freaking hurts! You nearly collapse with the pain. And briasts are soft, completely soft. Look at briasts, do they look like something you'd want deflecting a blow?! Seriously, look at some briasts online, if you have to. They're soft, and they make a smooth, none defined shape under the lightest shirt or top. And what you wear on briasts? It's soft. Bras are made to keep your shape, and stop your briast moving. They are not hard, they're solid, soft constructions that give. You would'nt put METAL, STRAIGHT ON TOP OF, soft, easily hurt briasts?! I am a woman, I know these things.
The boob plates would have no deflection ability whatsoever! Armour deflects blows when it is flat and built like a tank. It is a thick layer between you and death. The deflection relies on that tank on your chest staying solid like a shield. No shapes, no dips, just a solid, plain, basic shape that stops blows. That stands away from your body. That keeps enemy weapons, away from your chest. There is no armour level in a round shape round unrealistic briasts! The part were they press in the middle, or is a cleavage, that would have zero armour at all. The point is to keep enemies away from that vunerable middle of your chest.
briasts don't even look like the boobplates! They don't hang in perfect, pert shapes that are that spread apart! It would rip them off just wearing that armour. The moment you moved, you'd rip your own briasts off. The moment you turn with your waist.
The orcish amrour looks like sheer pain.
You would'nt be able to breath in the boobplate armour. It's meant to be armour, not a corset!
The boobplates on females and males would get both killed in second, and have zero armour or deflection.
There are corsets that don't look that unaturally defined!
Armour moves, it hurts, it presses in. You wear a thick surcoat under it, then it's tied on at points. When you attack the briastplate and armour moves so you can. The briastplate is a big space inside that goes over your already none visable briasts or chest.
It has to move a bit or you'd be like a over armoured turtle.
It does'nt literally lie straight onto your skin!
You'd get ripped up in seconds if it did!
Dwemer armour looks like real armour. That is the best, most realistic heavy armour in the entire game. Armour is meant to look like that!