I haven't seen this, but are we really sure this is a censorship thing? There are so many pieces of gear with visual bugs, this just sounds like a new one to me.
This wouldn't be the first time that someone's logged in after a patch and noticed that their character's gear didn't look quite right anymore.
Regardless of the cause, I do hope it is fixed (along with all the other bugged CM gear, sigh). The fact that this is a super sexy piece of gear doesn't mean that the people using it put any less thought and care into their character's appearances than people with, I dunno, more traditional looking outfits.