I noticed the same kind of thing when I recently bought Saints Row 2. You can select male for gender but slide the masculinity bar down to "-50" and the character looks exactly like the female character model, including all the curves and having a bra on by default.
Both sets of hair, voice, makeup, etc is available throughout the whole process. They really are giving people a lot of freedom with their video game characters these days.
In my game the leader of my street gang is a white girl with pink hair, pink makeup and pink a cheerleader outfit.
