I'm one of the people who is very glad that some manufacturers make more than one size of backplate. I'm also 5'5", but I'm very short waisted, and the reason I came to the bp/w in the first place was that I had such a hard time getting a vest BC to fit. I would buckle the cummerbund around my waist (it can't go any lower) and ... whee! BC up around my ears! Not to mention that the area between my waist and my armpit was stuffed full of cloth and padding. I thought I would love diving, but the BC was making me want to stick with snorkeling only (I still love both, so this is not a knock on snorkeling).
When I came here I heard people talking about the backplate and wing and I got to wondering. I started a thread asking about whether they might fit me better, and I was alerted to the fact that a shop where I was going to be diving in a couple of weeks rented them. I rented one the first day and ... Bingo! I knew I had found my BC.
On the bp/w I rented the plate was a "regular" size, which I think was about 15.5" long (Halcyon). It was already waaaay better than any of the vest BCs I had tried, but I still noticed a slight problem after using it on some dives because the top of the backplate - in the back where the straps "sprout" from the plate - was above my shoulder curve line, and this caused some slack which let the whole thing slop around a bit at the top. Nothing like the vests, but still, it wasn't exactly right. Since the waist strap cannot go down (at least on me), there was no way to really fix that problem.
Halcyon does make two sizes of plate, and the shop had a "small" one for sale (14"), so I tried it on and I could see it would fix the problem. I might have bought it on the spot, since I had a week left and wanted my own gear anyway, but they only had an aluminum one and I wanted stainless steel. (I also thought that I might like a slightly smaller wing than H makes.)
I bought a DSS rig with the small plate and a 17# wing and for me it worked out very well.
As Tobin says though, if you are 5'5" and male, a medium is no doubt the right size. I think the small plate would be a bit short on me if I were any taller from waist to neck. I'm sure glad the backplates do come in various sizes though
Sorry if that was too long winded - especially since Tobin had already answered your question - but I figured an example never hurts. Especially later when people find a thread via search. Also, seeing your thread title made me mentally say "Yes! They are needed and thank goodness some people make them!" It can get frustrating for people who are not "average male" size and shape.