Last month, Capcom came under a bit of fire for changing camera angles on Cammy's intro cinematic and R. Mika's Critical Art opener, in addition to changing the animation on R. Mika's Critical Art. All the changes were made in a later phase of the beta and you can see them below.
It's worth noting that Capcom did not edit or alter the costumes. Cammy is still vacuum-sealed into her one piece, R. Mika's leotard is intact, and Laura... is Laura. Capcom seems to have made an effort to offer a wide variety of character types and looks in Street Fighter V, with the aforementioned characters complemented by the relatively conservative Chun Li and Karin. And that's before you get into alternate costumes.
Regardless, there was a furor, with people accusing Capcom of censorship and attempting to appease a vocal minority with these changes. Not that there were many people doing a full court press on these costumes in the first place, but the fear is always there.
"Our objective with Street Fighter V is to start over from zero," said Ono. "We want the professional players and the casual fans of the series to return, but we also want to reach those who have never even touched a fighting game. So we can't have something in the game that makes people think, 'This is not acceptable'".
"We didn't make any change because of external influences," adds Ono. "Those changes came up internally. We decided to remove that because we want the biggest possible number of people to play, and we don't want to have something in the game that might make someone uncomfortable."
"Probably we won't be able to remove everything that could offend someone. But our goal is, at least, to reduce that number as much as possible so that they think 'Ok, there is this issue here, but it is within the limits'. We want that everyone can play and enjoy without worrying about anything else."
The explanation doesn't completely track, because the character designs themselves seem to be in the same thematic region as say, the butt slap. If that's an issue, why isn't the butt itself or Laura's ample cleavage? I'd hazard trying to keep the game's Teen rating would factor in more.
It's possible Capcom is trying to find a solid middle ground, keeping the artists' work intact, while shying away from certain aspects. Which is to say, Capcom sat down one day and asked "Do we really need the camera up in Cammy's crotch?" and decided "Not really." Moving camera framing is a relatively easy change for Capcom to make. They get to retain the overall feel of the characters, while moving away from some of the more overt parts of that presentation.
Capcom is aiming for mass appeal with this Street Fighter because they need it to succeed. The mechanics of the game have already changed in that direction, so now some aspects of the visual presentation are following suit. Even beyond that, the game is still in development. Capcom is completely within their rights to shift and move things around. That's a major part of development. The change is an artistic and business-related decision, like the many that led up to this point. And there will probably be more changes even after the game is released.
If you prefer the old versions, let Capcom know directly, because as always, the ultimate decision based on various feedback is always down to the company in question. Use your speech, civilly.