Cut out here means having a scoop or depression incorporated into the heel counter.

This link illustrates a usage of the term that is similar to this case:
An area on the spoon handle that is cut away to highlight a detail or feature.
www.jwmercantile.com/infosilver.html

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Note added at 35 mins (2005-09-15 12:30:47 GMT)
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BungaPads - [ Diese Seite übersetzen ]
It also has a heel cut out for comfort. It offers mild support and warmth to the
ankle area and thereby increases circulations and while at the same time ...
www.bungapads.com/shopping. cfm?page=details.cfm&product_id=NAS - 26k - Im Cache - Ähnliche Seiten

Banner Therapy Products Ankle and Foot Orthopedic Care Health Aids ... - [ Diese Seite übersetzen ]... Two Velcro side closures with cut-out heel. Redesigned for improved fit and durabi... ... Two Velcro side closures with cut-out heel. ...
switchboard.shopping.com/xDN-Health_Aids--orthopedic_ care-ankle_and_foot-banner_therapy_products~V- - 93k - Zusätzliches Ergebnis - Im Cache - Ähnliche Seiten

Tendonitis Treatment Knee Tendonitis,Dancers Tendonitis-Goode Wraps - [ Diese Seite übersetzen ]Just rotate the cut-out heel area away from the pain. This wrap will fit if the circumference of you instep and ankle are both 7-to-13 inches. 40.00 each ...
www.200.com/tendonitis.htm - 38k - Im Cache - Ähnliche Seiten




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Note added at 35 mins (2005-09-15 12:31:12 GMT)
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BungaPads - [ Diese Seite übersetzen ]
It also has a heel cut out for comfort. It offers mild support and warmth to the
ankle area and thereby increases circulations and while at the same time ...
www.bungapads.com/shopping. cfm?page=details.cfm&product_id=NAS - 26k - Im Cache - Ähnliche Seiten

Banner Therapy Products Ankle and Foot Orthopedic Care Health Aids ... - [ Diese Seite übersetzen ]... Two Velcro side closures with cut-out heel. Redesigned for improved fit and durabi... ... Two Velcro side closures with cut-out heel. ...
switchboard.shopping.com/xDN-Health_Aids--orthopedic_ care-ankle_and_foot-banner_therapy_products~V- - 93k - Zusätzliches Ergebnis - Im Cache - Ähnliche Seiten

Tendonitis Treatment Knee Tendonitis,Dancers Tendonitis-Goode Wraps - [ Diese Seite übersetzen ]Just rotate the cut-out heel area away from the pain. This wrap will fit if the circumference of you instep and ankle are both 7-to-13 inches. 40.00 each ...
www.200.com/tendonitis.htm - 38k - Im Cache - Ähnliche Seiten




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Note added at 38 mins (2005-09-15 12:33:42 GMT)
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Womens Etienne Aigner Annette 2 - Free Shipping on Orders $30 and Up! - [ Diese Seite übersetzen ]Low scooped heel. Sole: Rubber non-slip flexible sole. Heel: 3/4 inch heel. Lining: Fully lined with a cushioned insole. Origin: Imported. ...
www.martyshoes.com/store/eti-f04annette2.html - 45k - Im Cache - Ähnliche Seiten

It means that there is either nothing at the back to support the heel, so only the front part of the foot is covered, or there is only a strap to hold the shoe onto the heel.

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Note added at 7 mins (2005-09-15 12:02:41 GMT)
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Some photo examples:
http://images.amazon.com/images/P/B00013HS3S.01-A2ES9JJTYZLV...

http://www.daddyos.com/retro/img/shoe8t.jpg


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Note added at 8 mins (2005-09-15 12:04:05 GMT)
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Heel Counter:

Definition: The rear-most part of the shoe, at the back of the heel above the sole. It is rigid and provides support.

http://walking.about.com/library/glossary/blg1heelcounter.ht...

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Note added at 13 mins (2005-09-15 12:09:09 GMT)
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With the added context that this is for a football boot the pictures of lady shoes don't really work, do they? The principle remains the same, however, i.e. the heel counter is not there.

Heel counter
The rear-most part of the upper is the "heel counter," and its purpose is to support you and your shoe sufficiently for your intended activity. In the Hersey Custom Original, for example, the heel counter is made of dual 60/60 Surlyn®, a rigid plastic-like material that is of medium weight as heel counters go. (You can't see it because it's covered with leather and stuff.) In a Racing Flat, where speed is more important than stability, the heel counter is lighter. In a High Top or a Hiker, it is likely to be larger and heavier.

http://www.herseycustomshoe.com/anatomy.html

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Note added at 39 mins (2005-09-15 12:34:30 GMT)
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The operative word in your sentence that confirms cut out means to remove in this instance is "minimalist".

Minimalist = adj.
Of, relating to, characteristic of, or in the style of minimalism.
Being or providing a bare minimum of what is necessary.

In general, a "cut out" is any piece of material obtained by cutting it out from larger stock. It applies to wood cut out from a board, or fabric cut out from a sheet, etc.

In this case, it is used to describe the piece of leather used for the heel counter, or to describe the shape of that piece.