If you look straight at the picture, the first thing you see is the chastity belt. The camera is positioned perfectly to get a clear shot of her crotch.
I'm not sure about you [or others], but the first thing I see is that shimmering bag of gold/jewels she's carrying. Second is the demon dog feasting on her leg. Third, I guess, is that weird contraption strapped around her crotch area. It's definitely not the first thing I see, though, I guess it varies from person-to-person.
I will admit that the graphics are sexually-charged, as so many people put it, but that applies to both the female and male characters in the game. It seems as though many are focusing on the female aspect of it, likely considering how often females are usually portrayed in games.
People that have an issue with it have to keep in-mind that this is how George Kamitani illustrates his ideas. He's been like this since Odin's Sphere/Muramasa. Does no one remember Velvet and her thigh-highs with bare midriff, Kongiku and her heaving bosoms, or that infamous illustration of Momohime being "restricted" by a giant octopus?. Granted these were more "niche" titles so that might be why it didn't get the negative attention that Dragon's Crown is receiving. or maybe simply people's perceptions have changed?
Either way, you're free to feel as you like towards Dragon's Crown. I personally love the art-style, and no, not because of the "breasts". It's because it's visually unique and each character seems to have so much life and expression crafted into them. Even the heavily-armored characters, such as the Fighter, has every piece of his armor clang together as he walks, it really makes the whole package come alive.
I wish people would just accept that it's the creative art-style used for the game, and leave it at that. It's not that George Kamitani actively searched for ways to make every female character as sexual as possible. He created them all like that, as evidenced by the shirtless [and extremely muscular] males present through the game. Just take a look at the Dwarf. Every muscle of him pulsates with each step.
It's kind of depressing to see all of the negativity surrounding Dragon's Crown, honestly. It's not often that you get original, unique artistic games, and when one finally comes out, everyone focuses on one simple aspect [the women and what they're wearing] and overlook everything else.