It does a bit. So do most games. They make most of the female champs to have huge boobs and give 'em skimpy skins. I don't know if it's the devs being sexist though, or them simply pandering to an audience that wants that stuff. So maybe you should be asking "Is the league community sexist?" instead.
They did make Jinx to purposefully have small boobs, I assume to show that they don't want to be that kinda company. Yet at the same time, made her one of the hottest imo.