I don't think you understand the concept of a toned woman.
Let's look at this rationally. Shield Knight carries around a massive shield that's large enough to hide her entire body behind. She has the smaller one on her wrist as a counter-weight and smaller defense. She also has very large pieces of armor; while not full-body, the pieces are large enough - and surely quite heavy given her role as a defender - to make wearing and fighting in them very strenuous. She has been a knight for quite some time. From this, we can very easily conclude that wearing heavy-ass armor and swinging around a giant plate of metal would very quickly tone her muscles and build.
Her arms? Well, those are what she swings that shield around with, so of course they'd have buffed out accordingly. The forearms being very bulged? That's the way her bracers are stylized, feel free to check her concept art.
Her legs? Well, again, they'd need to build muscle mass to support her upper body when swing that giant shield around. And she's also got some pretty large thighs in the concept art, if anything I toned it down from the original.
Her eyes? Not sure how well you understand drawing theory and how visual subtleties influence the way the human form is percepted (the fact that we're still having this conversation leads me to believe you don't understand it much, which is why I'm trying to explain it to you), but the tiniest details will change the way a person views something. Had I drawn a man, the rim of the eyelids would have been much sharper, and I would have had crisper linework along the bottom edge of the eye. The brows would have been slightly thickened, and I would have put in very light shading in the brow and forehead to hint at a scowling browline gesture, as body language hints are key to determine character types. Also note that the brow ridge and eye hollow of the actual skull are barely there at all; had I drawn a man or masculine character, that feature would have definitely been more pronounced.
Her jawline? Consult the concept art for Shovel Knight once again, Shield Knight's face is impossibly soft and rounded. This can somewhat be chalked up to her have a chinstrap for her helmet, but even when she's in Enchantress Mode her jawline is crazy soft. If anything I made it more realistic, once again. If I made her chin sharper, that would likely make her look more masculine or just plain out of character. You also need to consider the fact that her head is slightly tiled back, which realistically blurs the contour of the chin and jawline depending on the angle (this one does) and lighting. So there's that.
And really? Her pose makes her look manly? Male or female, if a giant fucking shadow monster was in the process of invading and assuming control of my body, I'd be thrashing around too.
I think you have some underdeveloped standards of masculinity and femininity there, ZSG. Whether you think it's good or not isn't the problem here. It's quite annoying to have someone as young as you try and tell someone who's studied and worked with this sort of thing for a long time that they're wrong...even more annoying when there aren't really any good reasons for it. If you think she looks masculine...that's kind of the point. She's a fucking KNIGHT for Christ's sake. In a realistic setting, she's not going to be the soft curvy cartoon character you see in Shovel Knight's concept art. She'd be lean and toned and yes, probably a little masculine by generic female standards. But don't try and tell me I drew her "wrong" and talk like you know the technicalities when you very clearly don't.