It's frustrating to me that people insist that Bayonetta's character is somehow sexist. I try not to be the type to assume others' motivations, but it makes it seem that being sexy is a death sentence for a character, no matter what else makes them up.
Being sexy is the only problem that Bayonetta has. She's the protagonist of her own game, absurdly powerful and always in control, and extremely intelligent. She has in no way discarded femininity, but at the same time there are things about her appearance--both in terms of body type and fashion choices--that would not be considered traditionally attractive. Most people aren't going to go for the beehive hairdoo, but she rocks it, and clearly relishes that. She was designed by a woman. She repeatedly saves a particular man from peril, and also fights directly against her father and his wishes for how she should live her life.
Her only sin to weigh against all of this is that she flaunts her sexuality.
I don't see why she can't be allowed to be sexy. It's never something that places her in a weak position, it's only another strength.