But is it appropriate in context? Is it welcoming? If you have a choice of jobs, is it the kind of environment you prefer?
Or is it contributing to an image of "we're a bunch of immature boys who think it's funny to use a Playboy centerfold, har har, wait till you hear the sexist jokes we tell at lunch".
It's not the end of the world. But a welcoming and inclusive work environment is the sum of hundreds of little things. This is one of those things.
And come on -- the old line "what's the matter, can't you handle a joke?" is the oldest line in the book for "defending" sexist behavior. Expecting women to just "handle something" is not the right approach. We can be better than that.