This is very normal these days at Vuitton. The leather sewing machines need to be VERY strong, so the needle can go through the thick cowhide. But budget luxury brands — like our favourite here — needed to optimize and boost production, so their machines are set to VERY fast too. That is why they literally rip through the leather. On the underside this show spectacularly. Many on the forum did complain about having little circlemarks around the stitching on their neverfull handle tabs. Those are the same circles as you see here, as the machine rams into the leather, in that case, on the front.
Hermès uses much much slower Adler machines, that is why they can get away with it (and also very few people can tell different kinds of stitchings apart).
Since the Dior scandal happened and the truth came out, I am not surprised by stitching like this, since the workers (refugees) in those Italian sweatshops LVMH uses have literally minutes to assemble their parts. No time for teeny-tiny adjustments, taking their time or doing anything that resembles classic craftsmanship.
On the bright side they still use excellent materials, so even though it looks rough, the product will last years and years, so you don't need to worry about it falling apart or fraying anytime soon.