I don't have one but on my vintage Coach bags it is in a similar place, just a little lower next to the second grommet from the end of the strap. However, mine is only on one side of the strap. I think they assume it will most likely be hidden under the buckle.
Gotcha! Normally it wouldn't bug me, but the break isn't super clean/straight and it is on both sides so I feel like I can't carry it with the strap shorter or longer without that part showing.