Absolutely. If it weren't for this mentality, there'd have been no notoriety gained by flashing her breast at all. If it weren't societally defined as "shocking", they wouldn't have bothered.
I personally find it amusing that the dancers writhing around in bondage-esque outfits wouldn't have created the same outcry, and that Britney Spears continues to sell records, and that the American public still watches shows like Temptation Island, and yet we're so uncomfortable with--gasp!--a semi-naked breast!
As a nation, our attitude about sex is like the attitude of someone with an eating disorder about food: We've convinced ourselves that something our body needs is bad and dirty and wrong, so we find ourselves in a cycle of craving and punishment, deprivation and bingeing.
There wouldn't be anything to "explain" to our kids if they already knew what sex was, what breasts were, and didn't see it as a taboo to giggle over. It's not like being okay with our bodies would automatically translate to exposing ourselves in the street....after all, weather conditions so rarely allow for that.
As things are, I think the whole incident can be pretty adequately explained without making a huge fuss:
"Mommy, what's she doing?"
"They're just being tacky, dear." *roll eyes and turn back to whatever you were doing*
