This also highlights another interesting thing: That nipples are illegal - banned by the state - in the US today, and thus seen as taboo. Back then, they apparently weren't.

Could it be that it is the state-enforced religious taboo that exists today in the US (but did not back in the more modern times where this ad is from) which makes us think there is something more wrong with this ad today?
It's sexualising for sure, but why do we focus so much on those nipples when there's so many equally "sexy" parts exposed? Is it not because we do not see such things today, because they are illegal and taboo in the "modern" US?

Nipples or not, that's a very sheer nightie she's wearing there. There's no obvious underwear underneath it either. My first question would be, what publication was this ad in? Because I'd guess Playboy. Such a sexually explicit ad, for boot polish of all things, regardless of sexual perception of society at the time, is unlikely to be found anywhere but a "men's" magazine, I think.

Uwaga! dziewczęta od 18 do 35 lat filmu porno wideo. Oferujemy perpsektyve kariery i dobrych zarobków. podpisywały kontrakty i umowy o pracę. Publikacja rzeczywistego i poważnego. Większe e-mail info marcocasting@gmail.com

Old post, but I'm commenting anyway because of the link from a recent post:

She looks like she's ready and waiting to give him a blow job as soon as he touches down with those shiny boots of his. :|