Personally I thought the demo was meta-commentary about absurd photo-sharing apps, community standards, and the combined awkwardness/humor of "men caught looking" (and then we, the audience or hypothetical users of the app, "caught looking at men looking"). Regressive, yes, but also recursive.
The chosen example photos seemed to have as their subject the male gaze, not the breasts themselves. And, unless staged, such photos don't usually capture a "stare" but a "furtive glance": it is an artifact of the photo-taking (and then sharing) process that turns a momentary glance, that the subject might have hoped noone would notice, into a permanent, ranked "stare".
The audience laughter was as much or more uncomfortable-distancing as it was enjoyment/approval, and the cultural differences in gender-sensitivity-taboos between Australia and Northern California added another interesting dimension to their act.
I would consider it one of the more interesting performances in the SF Fringe Festival (http://www.sffringe.org/appl/), now through September 21st on stages across San Francisco, and all the more notable because it was not, technically, an SF Fringe Festival entry or venue.