The most common and most likely answer to this crossword clue is the 5 letter word BONED
B
O
N
E
D
Buddy explains!

The straight part
We know that "Like corsets" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case like corsets = boned.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does BONED mean?
BONED verb- To prepare (meat, etc) by removing the bone or bones from.
- To fertilize with bone.
- To put whalebone into.
- To make level, using a particular procedure; to survey a level line.
- (usually of a man) To have sexual intercourse with.
- (in Aboriginal culture) To perform "bone pointing", a ritual that is intended to bring illness or even death to the victim.
- (usually with "up") To study.
- To polish boots to a shiny finish.
- To apprehend, steal.
- To sight along an object or set of objects to check whether they are level or in line.
- (in combination) Having some specific type of bone.
- Of computer-generated animations: based on models with simulated bones or joints.
- Beset with unfortunate circumstances that seem difficult or impossible to overcome; in imminent danger.
- Broken.
- Of meat or fish, having had the bones removed before cooking.
- Of a garment such as a corset or basque, fitted with bones.
- Having the legs straightened during a trick