To attempt to describe it intellectually, the bunny outfit/Playboy bunny in practice is much like a well-shaped one-piece swimsuit on an attractive lady: it hints at what's underneath and outlines her curves, while the use of a corset instead of a leotard allows for cleavage, and the stockings/accessories gives it a flair meant to invoke cabaret costumes.
The bunny imagery itself is a nod to the creature's reputation for fecundity, implying that the wearer is nubile, or as the internet would say, "breedable".
