I'd just return it.
I have a blue and white checkered "Crime Scene" strap on my metal bass, which hangs low to accentuate the strap effect. Lame, I know, but people love that strap and the only way I get the full word is having it long
My Fender strap on the TF Fretless sits pretty high, horn just under the nipple actually.
I must admit while
I am more comfortable playing it low (having done so 10 years+) my body and playing prefers it higher.
And since TB, I have raised that strap a few inches to compensate, and again noticed improvements
But yeah, return the strap or fix it.