Everybody's different. Some people might feel they have no choice but to to take on such a profession to earn a healthy living, other times thinsg like this can simply be a case of peer pressure or the pressures of society. Not to say that there aren't people, men and women, that are more than happy to engage in this sort of thing, and I'm not judging either way at this point. But if everybody felt equally about everything then forums wouldn't exist, we'd all wear the same clothes, etc., etc.
Just because a criminal thinks it's ok to do something doesn't mean that it is. Likewise, just because somebody thinks that something should be illegal, doesn't mean it should.
First port of call ought to be to see if it directly infringes on anyone's else's human rights. In this case I don't really think that's an issue. Perhaps indirectly on all women's rights to be seen as more than just sex objects, but that's arguable, as it's technically it's not a photo of all women but just one of them, who has the right to make her own choices.
To be grandiose and idealistic I'd ask if it serves the greater cause, a.k.a. the good of all humankind. Good luck arguing either way with that one, althoguh I suspect most would lean towards the negative on that one.
In in the end it comes down to the fact that as Student teams we have a lot of people to please, sponsors, the university, the event organisers, potential employers, all of our team members, as well as those of teams we may want to ask for help from in future (which could be any of them), the list goes on. So we really ought to avoid stepping on any toes just to gain the attention/praise of any one demographic.