That’s a good question. I don’t think you’ll get a definitive answer here though due to variety of reasons.
You pointed out correctly there’s a lot of very suggestive advertisement through out the whole GTA lore. And as they do make fun of real life marketing companies and their output, I’m confident to say R* can get away with it simply due to 2 main reasons
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Their game is for adults only
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It is to be expected only adults (officially that is) will be targeted by any graphic content, including oversexualized ads or non graphic prostitution.
However, there’s a limit for everything. Great rule of thumb would be to keep it only suggestive, not displayed. As R* does it.
But that’s just me, guessing. People usually want such things to be kept private for a reason.
Do you remember the “Hot coffee” affair a few years ago? I personally didn’t understand what’s all the fuzz about, so I looked up a possible explanation. Here:
"There were a few reasons why people were enraged over the San Andreas Hot Coffee incident.
It was seen as a form of child sexual abuse. The Hot Coffee minigame allowed players to engage in simulated sexual intercourse with prostitutes in the game. This was particularly concerning because Grand Theft Auto: San Andreas was rated M for Mature, meaning it was intended for players over the age of 17. However, many minors were known to play the game.
It was seen as a betrayal of trust. Rockstar Games had previously stated that there was no hidden adult content in Grand Theft Auto: San Andreas. However, the discovery of the Hot Coffee minigame proved that this was not true. This made many players feel betrayed by the company.
It was seen as a threat to the video game industry. The Hot Coffee incident reignited a long-standing debate about the appropriateness of violent and sexual content in video games. Some people argued that the incident would lead to increased government regulation of the video game industry.
The Hot Coffee incident led to a number of lawsuits against Rockstar Games, and the company was eventually forced to remove the minigame from the game. The incident also led to increased scrutiny of the video game industry by the ESRB and other organizations.
In addition to the reasons listed above, some people were also enraged by the Hot Coffee incident because they felt that it was demeaning to women. The minigame was seen as objectifying and exploiting women, and some people argued that it could contribute to a culture of misogyny.
The San Andreas Hot Coffee incident remains one of the most controversial events in video game history. It had a significant impact on the industry and led to changes in the way that video games are rated and regulated."