OMG, wavy pleats on a Fram corp (really Champ) made filter at I thought from reading here that was limited to Purolator made products. Bottom line while unpleasing aesthetically, no effect on function.
As noted though it could be from moisture, frequently a cause of wavy pleating. And considering it's a GM/3.8L, the LIM gaskets if not already checked/replaced, might be worth looking at just to be safe. Just mention it because there is an example a few years ago of a member with very wavy pleats on a P1 on a 3.8L iirc with short fci. After some members mentioned it, sure enough turned out the gaskets needed replacement.
Beyond that, short tripping can also be a factor especially so in the cold months. Or it could just be some wavy pleats.
Thanks for the pics.