Was the grandmother wrong? Or did you not like hearing it said out loud? Have you privately discussed your daughters' weight with someone else (her father, your mother, your sister or a friend)? Have you thought about it and kept it to yourself? Has your daughter mentioned it to you? Have you mentioned it to her? Has anyone else said something to your daughter?
I ask these questions, because you wrote she is a bit overweight, but not obese. If you noticed, everyone has noticed, including your daughter. If she is concerned, but not talking to you, that is a problem. And that's what you need to focus on - not your neighbor.
Use your neighbor's comment to introduce the subject, Ask your daughter if she heard what the old lady said? If she says, yes, ask her what she thought about it. You may find your daughter is fine with her weight. If so, let her be. Don't go telling her all about fat-shaming, and women's lib or fads etc. Just let her be. If she ever does feels bad about it, she will know she can talk to you.
As far as the neighbor goes, you might want to wait until you're her age before you judge her. Old people have a whole lot of experience under their belt, and they are often our very best allies.