Yeah, when you get the notion of "that costume isn't completely identical to that invention of a comic book I'm so used to" out of your head, you'll see that it's FAAAAR from a "bad" costume.
This.
But the funny thing is that it's design IS the comics design; just executed
differently.
All the key elements are there, they just repackaged it and served it in a different way.
I think the comparisons to the ASM1 suit are apt. It has that same feel that suit had. It looks like something a fanboy or nerd (probably with a limited budget and/or limited fashion sense) designed. And what looked great in his head was executed cheaply; leaving the final result looking a tad amatuer and goofy. However, that gives this suit charm. It's imperfections. And I think that really highlights the character himself, whom this suit really fits.
This is the suit I can see this version of Barry Allen making. Especially when he's just starting out. He's awkward, goofy, and (as a superhero/comics fan) is self aware. And I think this suit is very representative of those traits. But, in a very good way.
And I think that as we see this character mature and grow, so will his suit. But for now, this is perfect.
When Barry becomes the hero, and the Barry, that we know he'll be and is, his suit will follow.
But even if the suit doesn't change, it's still a solid Flash suit. By far the best we've gotten in live action.