Yes, this practice of models at parties brings back memories. In 2000, a very well-known enterprise software company (Northeast not Silicon Valley) hosted a conference for customers and had a night party for the attendees. The most memorable thing I remember was the group of extremely pretty women on roller skates mingling with the crowd. E.g. they'd skate up and ask random attendees, "Hey where are you from? Are you…
It's one step short of holding your holiday party at a strip club. Not quite as crass, but uncomfortable and marginalizing for the women for similar reasons.