I wrote a paper on this just a few months ago at university and my lecturer was interested in what I wrote although obviously reserved as to how I could condense such a large issue into a smaller piece of writing that entertained the bigger picture - I study a Bachelor of Video Game Design. Going to get opinionated here however. I have to say is that this topic is almost like something you would throw to the vicious 'The View' sharks to be loud over for no reason. Whether this is in fact an issue or not, really comes down to individual perception, but one thing that I believe to be true is that this is a matter to do with deeply engraved societal behavior. This isn't just games and furthermore as many people seem to conveniently forget to my annoyance - this isn't just about representation of women. Last I checked male protagonists don't reflect the appearance or behavior of game players - and that's part of the point. Games are escapism and it would be farfetched to think that they would provoke thoughts and feelings superior to that of real life social structures. There are some nerdy, little perverted game makers out there who do things like give Ivy from Soul Calibur huge breasts, sure, but it obviously doesn't bother anyone to the point where they choose not to buy the product which would rectify the situation in that the product would cease to exist or they would be forced to make changes. Vote with your dollar - if you see something you don't like - don't buy it. don't support it. and if enough people feel the same way, it will go away.
If there isn't enough - loop back to the greater underlining societal/social problems. Don't just complain about an issue, or pretend to support it when you aren't actually prepared to try and do anything about it.