It is basically art but at least effort went in instead of just wearing a bikini or a couple fake ears and underwear. I like it, though have to agree it is borderline for calling cosplay.
I don't get why people complain sometimes. Yeah, there's a lot of VFX but you'd think that's the point here, no? It's not some bikini photo with distortion to make the tits look bigger or something. This looks like a ton of work.