It is common in men's shirts which are intended to fit a properly shaped man. Brands aimed at the general business men don't benefit much from selling a shirt shaped how a body should be shaped.
I'm not going to ask what a "properly shaped man" is. If you start on Aryan skull shape, though, I'm calling the moderators.
That should be about the right length for someone your height, maybe 0.5" shorter than the usual, but certainly not as short as it looks. Do you have a tape-measure? Can you measure the actual length of the jacket from the base of the collar to the hem? I can't see how that jacket can possibly be 27.5" long unless you're much taller than you say you are.
You can't reliably predict jacket height just given overall height. People have different proportions.