that's trippy. shouldn't be doing that even if it's printed, or even mix/match brand vinyls.
those sign panels are made via 12" extrusions with reflective overlay. looks like whomever did it, cut the printed reflective square-off at the top of the panels rather than wrapping the printed tiles around the sides of the extrusions like you're supposed to before stacking/installing.
if it was printed, then it was bad overlaminate & bad application. someone proly went cheap-o with calendared overlaminate, or possibly even a liquid lam that's not bonding well to the surface.