I can't claim to be a skilled luthier or anything, and definitely couldn't tell you much just looking at pictures.
But there's no harm in trying to set it up as best you can. My guess is that it's just sporting a pretty significant upbow right now. Which isn't so much a bad thing as a setup/preference issue.
When checking/setting relief you're pretty much limited to the fattest string on the bass. We measure relief to determine the necessity of a truss rod adjustment, i.e. more or less curve in the neck.
Here's a screen shot of Fender's setup guidelines for their basses.
THe top is measurements of relief. You might use a standard business card, or better yet if you have the appropriate ruler you can be precise. Basically, fret the first fret (use a kapo or someone else's hand) and also fret the 17th fret. Measure the distance between the fret and string somewhere around the 5th or 7th fret with both the first and seventeenth frets fretted. Basically you should be able to slide a standard thickness business card between the string and the 5-7th fret without the string moving.
If the string moves when you slide the card in, you want more curve, if there is an obvious huge gap between the string and the card, you can afford to straighten the neck a bit.
The bottom is string height at the saddle, and you get a bit more leeway with personal preference in this regard.. the important factor is enough height so that string isn't hitting frets between your fretted note and the saddle unless you want them to when you dig in.
How much relief you need, and how much string height you need is largely dependent on string gauge.
Lighter strings need a bit more height at the saddle because they vibrate in a larger pattern. Fatter strings = more tension, so the truss rod may need to be tighter to keep them from pulling more bow than needed out of the neck.
#1 how does it play? Does it play well? If yes, maybe it's fine as is.
If not, I.E. fret buzz - first check relief.. if it needs adjustment, just do 1/8th turns at a time. It shouldn't need forcing, sometimes they do, but personally, if I felt like I might be hitting a wall on the truss rod nut, I'd take it to a pro.
Once satisfied with the relief measurement, then adjust saddle height. Lower them to where you think you want them, keeping the fretboard radius in mind. Tune to pitch, play them, if you hear buzzing, loosen the strings, raise the adjustment screw 1/8th to a quarter turn for each saddle adjustment screw (if a saddle has two screws you want them at even height), tune to pitch, play them again. Rinse repeat. Further adjustment may be required in the process of intonation.
Not trying to assume how much you do or don't know about setting up a bass, but this is basically my setup process any time I change string gauge or get a new bass.
