a few thoughts:
1) like previously mentioned, competition suits are usually several sizes smaller than the swimmer's average suit size, which causes the flesh/skin/fat/muscles to bulge out - does not mean they're fat.
For instance, see Natalie Coughlin
in suit (her arm/back area):
https://s-media-cache-ak0.pinimg.com/236x/50/a6/f1/50a6f19106f5bc32af568dea5b4e3ee8.jpg
though she's clearly lean/ripped:
http://blog.asianinny.com/wp-content/uploads/2012/08/NatalieCoughlin_3.jpg
http://static.grindtv.com/images/1/00/41/26/46/412646.jpg
So basically, when you see the female swimmer in bodysuits, they make them look way chunkier than they are. Unlike runners, actually having developed back/shoulder/arm muscles adds to this effect.
In relation to the men, a similar effect is visible from back when full-body suits were legal - see phelps in beijing:
http://cdn03.cdn.justjared.com/wp-content/uploads/2008/08/phelps-beijing/michael-phelps-beijing-olympics-05.jpg
Kneeskins are less dramatic in this respect.
2) the physical demands of swimming are more accommodating to diverse body types than running. I knew several high-level female swimmers who would be considered traditionally 'fat' in high school. I don't know anything about buoyancy effects, but swimmers do not have to deal with the same impact concerns as runners, so weight is less relevant to both speed and durability. I'm a biker/swimmer but hip injuries flare up every time I try to get into running seriously. In terms of the gender breakdown, these were the athletic people with large frames who may not have been able to perform as well in other sports - so maybe the heavier boys went into football, but the girls didn't have that option and went into swimming. There are not a lot of other sports where this body type can be successful at a high level because of the speed/injury considerations previously mentioned.
The swimmer the prior poster was talking about is molly hannis:
http://media.jrn.com/images/hannis_22620385_ver1.0_640_480.jpg
She's going to the Olympics. She's extremely fit.
3) Men have lower body fat on average than women. I