He does have very small boobs, easily squashed in a lot of outfits but there is something there.
That photo is just those tiny breasts pushed into one place to look bigger. My own (sadly entirely natural) ones are tiny so I’m familiar with the technique. You can see there’s nothing left below the neckline and they’ve been yanked sideways into the centre to create a cleavage.
TBH I do get a bit upset by the fact that transwomen grow breasts on hormones and can then access breast augmentation surgery on medical insurance. My own are not ‘normal’ - something went wrong when I was in puberty - and it’s has a profound and lasting impact on me in various ways, including not being able to breastfeed, but I’ve been told repeatedly that it’s not something the NHS will touch, and no hormonal contraceptive or pregnancy has made them bigger. It’s considered plastic surgery so not something covered by private medical insurance through work either. It’s gutting to see man taking oestrogen for a few months and quickly growing bigger breasts than me, and then saying they need surgery on top of that to feel like a ‘real woman’. When it’s gender dysphoria treatment insurance will cover it.
But that’s just me.