@Archetype-Luna Right, we can always find cases where the games you mentioned exist. It's very likely that we have laws on both sides where people could file lawsuits against companies and companies could defend themselves. But I guess the true question we have here is "Why is PSO2 not like the games where child-like character creation is allowed?"
This is my personal opinion: child-like character (loli/shota) is a gray zone and it's really hard to justify the intention behind creating a child-like character especially with those lewd outfits. I still think that the company may want some censorship as legal reasons to defend itself/pass some regulations because this censorship was added during localization in the US. I'm not sure if we have some official replies on why not allow child-like character creation in PSO2 NA but I'm pretty ok with this censorship. ¯\_(ツ)_/¯