A variant spelling of 'busty' used as a noun, or historically, a woman of large breast size (dated and informal usage).
Derived from 'bust' (the chest), with the diminutive or agent suffix '-ee,' similar to how 'trustee' comes from 'trust'; emerged in informal English in the mid-20th century.
This word is an interesting example of how English speakers playfully create agent nouns with '-ee' suffixes, though it's largely fallen out of use in favor of more direct terminology.
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