Here's a "theory" to ponder. Celluous blended media uses resin binders to give the media some form, rigidity and strength. Depending on the resin binder used, it's possible that some do better than others in hot oil use - ie, can the resin binder break down to some degree in hot oil? Maybe the binder in filters that exhibit excessive wavy pleats isn't the ideal resin for the job due to heat, the media it's used on, etc and when the cellulous fibers absorb too much condensation in the oil, the binder doesn't control the media expansion as well. When it expands, it needs to move and go some place, which results in wavy pleats.
It's not an "excuse" regardless if it's a Fram, Purolator or whatever brand that exhibits wavy pleats that we've seen. Wavy pleats have been happening in some filters forever, probably always will to some degree. It's just a possible theory why absorbed moisture in cellulos media could cause wavy pleats, along with other factors involved like the binders used.
The subject Ultra is definitely ugly looking, but functional (no torn media). As mentioned it is also a relatively early build filter per the date code, so could be the resin binder has been tweaked over time. I'm going to email Fram Tech and see if I can get their explanation of wavy pleats from their engineering department - will let you know what they say, if anything.