EXPECTED: The Armor Master perk says it will provide a "^100% Skill Bonus" from "any armor you wear".
ACTUAL: Armor Master multiplies both bonuses AND maluses by 2.
STEPS TO REPRO:
Choose Armor Master
Equip an armor with a skill malus
Note that that skill malus is doubled versus the one levied upon a character without the Armor Master perk
I doubt this is intended behavior, as all other perks in The Outer Worlds are straightforwardly advantageous and don't come with downsides.