Jay,
Bro, I laugh at your pitiful attempt to grow a set of tits! You should see me right now!!!
Srs:
I have the same problem and it "mostly" goes away with the body fat. Right now, I'm well north of 20% fat and they look like absolute shit. I could probably wear a F'ing A Cup right now. However, shockingly, they don't look as bad as the last time I was this fat; and, I'm pretty chill about it knowing that they will look much better with diet.
Do you have a little gyno going on there? Maybe. Can't really tell by a pick. However, if it looks like a skunk and smells like a skunk.....
If you do have some gyno, no amount of SERM/AI etc. is going to solve the problem. So you have a classic risk vs. reward decision to make. Take a shit load of drugs to mitigate the cosmetic symptoms? Get surgery? Are you comettitve? If so, at a serious level? If so, it's a different type of decision.
If not, I look at it like this. When I'm in shape, even at my 'old as phuck' status, I look better than the vast majority of guys out there. If My nips are a little puffy, nobody is really ever going to notice but me. Typically we are harder on ourselves than others are.
Good luck and don't be too hard on yourself.