I checked wikipedia and neither the Ukrainian or English page mention armour or inspiration beyond the personification of victory, just that it was designed and then redesigned with different artists and models. Draped cloth is not really practical for armor either.
Also it was built by the USSR. I could accept Soviet post-revolutionary art geometric influence as a reason if the rest of the sculpture wasn't so much more precise. The rest of the fabric drapes well enough over more irregular curves.
It just makes me think of a modern steel Michelangelo interpretation of breasts on the Tomb of De Medici (nsfw? Nude marble statue breasts)
