Speaking for myself, losing weight has made a significant difference in my waist to hip ratio. A smaller waist has made my hips look larger, even though the measured diameter of my hips has not changed much.
What has changed is the fat below my waist, which is due mainly to my Estradiol. My thighs are much more thicker and this has extended up to the gluteus maximus as well. With a well balanced diet and exercise that focuses on muscle groups below the waist, I have a reasonable figure without excess weight.