Yes some are offended by it. But a larger number of people are offended by its prohibition.
I think you may be missing a large part of the point. Everyone keeps using the word "offended". That's not actually the issue for D&D art. This isn't about, "Oh, no, we see skin, and are puritanical people!"
The issue with cheesecake art is that the art displayed in the game materials
represents the characters. It sets expectations. So, when a woman sees that art, the implication is that is what the characters are like in people's minds. The art says, "Female characters are eye-candy."
Coupled with a culture outside the game - in the world at large, in which women are, in fact, treated as sex objects, this isn't just offensive - it is demoralizing and may actually induce fear of the kind of focus on their sexuality that they see in everyday life. If you were sick and tired of being treated as a lesser being because of your gender, and tired of being constantly considered a sex object, that art simply says, "That game is not for me."
That is why they don't include that art any more - because while it may have sold to men, it turned women away from the game - and that's bad for business.
Maybe, some day in the future, when we have gotten past prevailing sexism in our culture, or we have regressed further back into that sexism, that art will be seen again in a mainstream game. But, so long as there's a power imbalance in society, but we are acutely aware of it, that art will be problematic and rare.