If you hadn't described the problem, I'm not sure I could have spotted it from those photos. These are 2nd, you have to remember so you cannot expect perfection. Also remember the commonly made point around here that your feet will generally be further away from everyone's eyes than in close-up photos and usually your feel will be moving. No one will notice. It may bug you indefinitely, though, so you need to make the call.
I think it was the lighting. This is what it looks like in a different lighting/angle. You can't tell from the pic, but there is an extra 3mm of excess material there. I would forget about it but I've never owned cordovan shoes. I'm expecting it to look much worse than this in a couple months of wear and the tiny pointy edge of the cap to flare out even more.