Entirely possible.
My ANH Han Solo has an extremely wobbly waist joint, but he is still able to bend and move in all the places he's supposed to so it doesn't bother me. Got it MISB straight from SSC. Some other figures I've gotten right out of the box have had the same issue, albeit to a lesser degree. If you return it for another MISB figure, there's no guarantee that the new figure won't suffer from the same issue, or possibly something worse. If it's something I can live with and everything else about the figure is fine, I take it and run, so to speak.