Actually, I'm wondering if A.) this IS the "real" final outfit, and B.) if, in that case, the cheese-factor is supposed to be the point. The audition tapes had actresses reading from a script where the character referenced her "old" outfit as being less "appropriate" than her current one, and bemoaning that people still considered the old one more "iconic." This pretty-much IS the old one, just with pants. So maybe this is meant for "flashbacks" to the older suit, and the silly-looking material is meant to accenuate how "lame" it was?
Of course... that same script/scene ALSO involved WW being insecure about her breasts not being big enough (really) and based on this image that's just NOT going to be a believable sentiment; so it goes without saying that the script itself has probably undergone post-casting changes.
I'll say this... she looks better than Nu-Spidey does, so far.