Send it back...It's a mass produced item...I hear what folks are saying about if it feels right or sounds great but the OP paid good money,doesn't he deserve better ?
While few would disagree that the OP deserves better, in the real world what he got looks much more typical than not, and is usually corrected with a few simple adjustments.
As for sending it back? That it needs to be sent back would indicate it came by a shipping service rather than VIA a local music store. One of the advantages of mail order is lower cost, but the trade off is little or no customer service before or after the sale beyond a simple return of defective merch. In short, don't expect a killer deal
and a complementary set up from a mail order house.
A brick and morter place OTOH will usually unbox an instrument and make those minor adjustments before putting a bass out for sale, and a really good place will give your purchase a more personal tweak to suit your personal tastes after that sale.
The takeaway here is lower upfront cost is not always the best route. If you can assess and adjust a mass produced item with (usually) a rough approximation of a proper setup out of the box, then it's a great way to buy. If you are not so experienced, then expect a mail order bass from a big box retailer to need a little minor tweaking and simply figure in the cost of a setup when planning your purchase if you cannot do a setup on your own.
Strictly one guy's opinion, but your typical Fender instrument represents an incredible bang for the buck. You can spend less but you mostly get much less in product quality than the money saved, and the same holds in going for a higher end instrument. You've got to go way higher to exceed the quality of your typical Fender.
As with everything else, there are exceptions on either side of what it costs to own a new Fender, but you pretty much need some experience or good help to go lower or higher and not get hosed.