even a kickstarter project like Friday the 13th The Game is going to have customizable clothes for the Counselors.
costume change for 3D models is easier than 2D sprites. especially if its costumes that can change textures or be used somewhat like a reskin.
it would require extra modelling though. people put Neptunia characters in Left 4 Dead on PC, and given SFIV characters new proportions and looks, because most of those models were already made and modders didn't have to make them from scratch.
though yea, while people would like visual armor customization stuff, there's lots more to consider.
plus some would prefer the default clothes, so if armor was required to change appearance, and has stats related to that, that could make some upset wearing stuff they don't wanna wear, kind of like Xenoverse where in order to be optimal in stats, they have to equip clothes they may not like.
so overall IGAvanias really avoid the whole fashion nightmares that some games like Xenoverse and FFXI have to go through, unless there is a glamours option like FFXIV.
there's a lot of content and assets to be made for Bloodstained, so different visuals for each equipped armor stuff wouldn't be a priority overall.
though gameplay wise, IGAvanias have leveling and stuff, so it would be even possible to fight naked as long as you have the skills to avoid getting hit and reduce the target's HP to nothing (though a optimal weapon could speed things up).