As one who spent many years in a club scene geared towards victorian gothic fashion, I do have to agree with the above sentiments that the corset should have been done in leather. It would look simply amazing with the right kind of boning and cut.
Not only does leather provide a modicum of protection against knife slashes and cigarette burns on the dance floor, it can be finished to any number of different shines and has enough give for an action hero without looking like Rubies was the production costume designer. I'm also not thrilled with the pants - I actually liked the first ones better, but I would have gone with a shiny motorcycle leather there as well.
The poor woman looks like she's been crammed into a top two sizes too small, and despite knowing the TV censors would never let it happen, we can all visualize a wardrobe malfunction clearly in our heads. I suspect they want the ultimate boob jigglage like in the Linda Carter gif, to titillate the teenage audience and the nerds in their man-caves clutching their boxes of Kleenex. In this case, the shiny spandex/pleather/pvc-looking blend works quite well.
Finally, when you've got (real) leather for the base costume, you can really make gold and silver accessories pop in amazing ways that don't look like they came off a cheap vacuform machine in Greg Stone's basement.