Just stating. we probably already have an armor like that or a design. we just want more out of it example: super strength
Building the Real Iron Man | Popular Science
I saw that, that thing looks kinda bulky, the problem with this type of technology is the batteries, modern combat doesn't have well defined frontlines and your chances of getting surrounded and cut off from your logistical support are as high as ever. And what good is that hydraulic suit if there is no electricity to make the air compressors work? Fuel cells are a solution, so is solar power, but fuel cells tend to explode and solar power isn't efficient enough last time I've heard.
But back to the crazy dude, as you can see that armor doesn't cover his whole body you can see his undershirt on the sides of his body and under his arm pits. An IED is basically some explosives tied down to a bag of nails or some other type of small sharp objects. Explosive goes boom, nails or even the metal fragments from the bomb's casing fly into all the directions, they will most definitely penetrate that guy on the side of his body and the arm pits even if his frontal body armor can withstand them. That said you could treat the undershirt fabric with kevlar to add some protection but thats way above his budget.
New types of body armor today that are being researched by both Russia and the West look into liquid armor, forget the bulky American Dragon Skin with its heavy weight ceramics (I doubt it'll ever be implemented) the new game is to have an armor that is light and soft until it gets hit by a projectile at which point the particles of the liquid solidify and converge at the point that the projectile struck. This isn't sci-fi either, there are already prototypes in existence.