VGFacts

According to Yong-Hee Cho, Bayonetta's director Hideki Kamiya requested concept art of Bayonetta in Princess peach's costume, which by then had also requested Cho to design a Mario Charm for Peach's costume (and a Luigi Charm for Daisy's costume) and pulled Bayonetta's long black locks in favor of flowing fabric.  

Cho also goes on to talk about the concept for the Samus Aran costume, which is supposed to be based on the NES original, and the Link costume. According to Cho, it was actually Nintendo who pushed for Bayonetta to show a bit more skin while dressed as Link.

Originally, Bayonetta in her Samus Aran costume was at one point given the ability to form into a Morph Ball like in the Metroid games, but the idea was scrapped and instead was later implemented in the game's sequel, Bayonetta 2.  

Here is the concept art of Bayonetta's Peach Costume:



Concept art for Bayonetta's Link costume:






Sources:
http://www.polygon.com/2014/10/31/714059...s-nintendo

https://www.platinumgames.com/official-b...ticle/6920