There must be something chicer than stuffing vast quantities of bubble-wrap down my shorts...
I'm anything but chic, but in my view, athletic training (learning how to fall properly) is a cooler approach than relying on compensatory equipment - but there is nothing wrong with equipment if it makes you feel comfortable.
But what's wrong with bubble wrap? Good engineering design. I.E., a minimal cost solution to the required design constraints, leading to low weight, elegant simplicity, and low failure rate. What's not to love?
I think bubble wrap makers should hire famous beautiful figure skaters to endorse their product.