My reactions and opinions... All are subjective, and none tries to be a "message", the definition of how things should be seen, understood or whatever. Just my own reflections about my reactions... It won't be a rigorous piece, just a series of ideas and ramblings - sorry !
MyndPhyre : when I saw her I found her... monstrous. Not because I find thinness monstrous in itself - just that in this picture, I immediately thought it was meant to be unsetling, not attractive. I didn't react to her as a "sexual" figure, more as a sickly thin creature wearing a costume meant to make her even worse. For me, she looks "uncanny valley" more than sexy lady. Reason why I don't find she was a "move in the bad direction" or whatever. I may be wrong.
I've reacted "badly" to female costumes in SotM since the beginning. Wraith's and Visionary's swimming suits don't go well with what I think female heroes should wear (same for Beacon or Catastrophe). I prefered Young Legacy's skirt (probably with gym underpants). Or the Tactic's Wraith. There are worse costumes in Comic books, though. And there are many heroins with costumes I find better.
What I think is that Adam tries hard not to follow the classic hero figures/costume "traditions" - but he likes some kinds of outfits and appearances, and tends to draw them a lot. And I see no real problem with this - as long as he keeps trying not to "objectivize" his character by following the classic "norms" of the genre blindly.
And then there is the fact that these characters are characters in a comic book, not real persons. As such their appearance is "symbolic", they must be "iconic" and immediately recognizable - and their appearance "must" convey the message of their super-hero/villain nature. So they tend to be muscular and/or have idealized figures, sometimes exagerated, and wear impractical costumes as a way to make them recognizable and "different" from the Muggles. Someone wearing a typical superhero costume in reality would, male or female, look more ridiculous than heroic. But in comic books it works - because they are stories, not people.
What I mean is not that there is nothing to say about objectivization in comics - just that comics will often use some visual short-cuts to express "heroism" - not no to comment about sexuality/the ideal figures you should have or anything. The readers may find these "iconic" figures desirable or exciting or demeaning, and they may become so with time in the comics itself, but at first, the intent is just to be some kind of pictorial short-cut.
When a hero / villain is not in the "visual norm" of his role in the comics ( Like Wathchmen's the Owl belly, or the Scholar) it is not a comment on body types, but a visual clue to their other differences from other heroes.
Dr Medico has this physique because he is a hero - as a way to show he is one. Just like a wears a mask - though I doubt he needs to as he is pure energy, and probably easily recognized even with the mask on. This is some kind of visual code.
Please don't take what I am saying as trying to say that there is no reason for debate. I just wanted to point that costumes and body shapes are visual tropes, and we should try to keep this in mind too. It's not realistic art depicting real people, but "expressionist" art trying to evoke feelings, moods, ideas, memories, in the mind of the reader. This said, debating tropes - and changing them - is always a good thing. Especially because, for years, comic books have forgotten, I think, the "meaning" of these tropes, and reproduce/accentuate them blindly - they are no more tropes but meaningless traditions and habits. Or rather perverted tropes, that don't mean what they were meant to express in the beginning, and have become a commentary on bodies and physical norms.
Personaly, I like my heroins fully clothed ( even if Wraith in her bathsuit is my computer's screen wallpaper, and I'd really like to see the girl I love wear it...), and my heroes, male, female or otherwhise, with a variety of body shapes, preferably not muscular. And would have liked Catastrophe to have a full body suit :)
Finally - I think Adam knows its job well, and that he is far, very far, from being "objectivizing", if that may be a word. I like his art and the way he depicts heroes and heroins a lot. Mainly because, each time I see a hero/heroin/villain, I feel like he tried to draw them to convey informations about him/her/it - not because "this is the way people should look like" or "this is the way you must draw a hero".
Also - I haven't be following current heroic artworks, but Adam, I think, tries to evoke the typical drawings and "tropes" of different periods of comic book history, depending on the expansion - with, I think , Tactics art being maybe meant to be evocative of 21st century's expected comic book look. Though I am not knowledgeable enough to be assertive about it.
Well. It was long and not very coherent. I think I will make a costume for me, and will assume the name of "The Rambler".