IIRC, it's the former. ISTR having to disassemble and reassemble mine back in the day to fix that issue, but it was a simple procedure that was doable by anyone. I just don't remember what it was.(I couldn't quite get Hoist's torso into the right position. I don't know if this is a BC MW Hoist issue like his shoulders or just a "haven't touched one of this mold in years, forgot the trick" issue.)
Checking those links, it looks like it was less common with Electro, but some did have the error as well.Ah, that does seem familiar now. Did Electro have a similar misassembly and I actually bothered to fix it on him, maybe?