Well, I don't think the characters I play have an an underwear selector.
Free Step Dodge
Brute
Nightpup
Mine doesn't either. <3
Chapstick
I believe it still pops up when you select them, the 'A/B/C/D' part is just crossed out.
lotr9690
It's a really unnecessary option. If I was a fighter I wouldn't want some creeper picking my underwear out...
David Gregg
BUT I NEED TO KNOW MY OPTIONS!!!!
....#kappa
....#kappa
lotr9690
ahaha! OCD panty selector 
DestructionBomb
Just imagine a scenario where you may have that one individual player in a tournament who will go to the character select screen > Underwear option and constantly hitting left and right for about 10 minutes thinking which one to pick just to troll.