Maybe code requires it and the inspector doesn't care if it actually works or not?
Not clear what the problem is - is it upside down so you can't read it and therefore not giving the full advertising capability? Or is it not tucked under the fake siding above and we don't yet know what the flashing will be there? Are there not enough fasteners with washers underneath? Is the overlap of the two pieces too small? Perhaps we don't know how many weep holes are in the J-channel across the bottom to let any accumulated water out? Maybe it's that white pole interfering with the installation?
If this is step one on a vinyl siding job there may be clapboards or other siding on the first story wall that has or is suspected to have lead or asbestos. The wrap could be intended to encapsulate the potentially hazardous material. If that were the case, the building wrap should be installed shingle style where it ends at the second floor cladding (as per Ed M's remarks above).
WRT the upside down installation: we often see this detail in projects done south of the equator.