Add me to the team! I spent the entirety of my teens, and my 20s before YLF, worried about how huge my tummy was. It kept me from realizing that I was actually an hourglass with a rather small waist just a couple inches above the area I was so worried about!
As Elly points out, we have a whole lot of important body parts crammed in there, plus I'm short waisted, so I'm pretty certain that I'll always look a little pregnant from the side.
I have made a concerted effort to loose some some of my extra padding on my tummy at various times over the last decade, and when it's gone I wear the same size pants (my hips don't change), the same size skirts (my waist doesn't change because it's above my rib cage), and my rib cage sticks out more. So I've decided to focus more on core strengthening exercises than "belly shrinking" ones. No more crunches, it's all about planks, side planks, warrior III pose, wall sits, etc. It's amazing how much of a workout you can get from just holding a position!