I think a lot of fans don't appreciate that sexy isn't the same as beautiful. The best way that you could describe a female bodybuilder as beautiful is by completely covering up their physique and showing photos of them in off-season condition (so not obvious signs facially) in feminine clothes (not showing their physique) to ordinary men and women who aren't bodybuilding fans. Its the "Wow, she's beautiful" [lump in throat time] comment that would be looked, for, not the "I wouldn't mind having sex with that woman" [hard-on] one).
My top 5 beautiful FBBs (physique or FBB - no fitness/figure competitors) would be (no particular order):
Current
Natasha Romashko
Jody May (great to see her back!)
Monica Mollica (right up there on both beauty and sex appeal)
Olga Belyakova
Amanda Micka
I wouldn't have Cindy Phillips in my list as when she was really beautiful, she didn't have that much muscle, and lost quite a bit of her looks when she did through the drug side effects IMO). Same goes for quite a few others.
All-time top 10 (no order generally)
Natasha Romashko
Monica Mollica
Bonnie Priest
Jody May
Dena Westerfield in her amateur years (still a looker as a pro, but more sexy than classically beautiful)
Melissa Coates (before any of the surgery - as an amateur FBB - see her first WPW photo/video shoot to see why)
Jitka Harazimova (early pro time)
Anja Langer
Anja Schreiner (just about a bodybuilder in size)
Pavla Brantalova
Yaz Boyum
Cindy Landolt, Juila Vins & Mavi Gioia would be on my list of ANY beautiful women (muscles or not) even though they don't appear on my lists as they're not FBBs or physique competitors. Gina Davis would be probably No. 1 or 2 (close with Monica Mollica) on my 'sexy' list, but wouldn't quite make it onto the 'beautiful' top 5 of all time. If I had to pick any one overall, I would go for Natasha Romashko - she is abolutely stunning, worthy of a modelling contract. Now if only she could beef up that bit more without any negative effects on the looks...
I'm both sure I've forgotten a few here and there, and of course, beauty is the eye of the beholder, so what I would consider to be a beautiful woman may not be to others, and vice-versa.