Ugh

I'm feeling the pain of this dilemma. I would constantly argue with myself back and forth on it. Knowing you probably jumped hoops just to get it cuz it's a highly coveted bag but it's visibly wrinkly. Like you said, I wouldn't care if it was on the back but the fact that it's on the front and on the flap part just makes me whine.
Try just wearing it around the house for a day or 2 and convince yourself to ignore that it's there. If you think you can get over it and it bothers you less and less, than keep it. But if those wrinkles are all you can see and it bothers you, then I would just return it. Let it come down to the option you'd regret less later on.