It turns out that Scaled armor (at least the cuirass) provides better protection than steel plate. So seeing that, I made a set of scaled for Lydia, and gave it to her and she promptly equipped it. But the thing is, scaled is a light armor and Lydia is supposed to specialize in heavy.
Does the follower equip the highest rated armor regardless of it being light or heavy?
Also, it's peculiar that despite its inferior protection, steel plate is worth almost twice what scaled is. And it's even more the stranger when considering that female NPCs look way better in a full set of scaled than a full set of steel plate.

Friggin' Mjoll equips the damn Ebony Great Axes every time I hand her one to carry out of Nord crypts even though the Legendary Ebony Greatsword I made/improved for her does more damage. 