Well, not dead, just evolving: after the controversy surrounding swimsuits, no wonder the UCI ruled so. However, notice it exempts thermal management, and, I imagine, nobody will go against safety. I hope that in a year, your cyclist partners will say something like: "Leg shaving? Oh, c'mon, use a Noname Fuzzy, mate".
Manchild, I find a terrible flaw in the design you posted: shouldn't this bike use cyclist shoes? You know, for better grip...