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.)
EDIT: This spurred me to go look up the procedure, and have found it. There's a piece inside the torso that was put in backwards.
Botcon 2013 Hoist Fix
Jesse Wittenrich aka on Twitter, who represents Fun Pub, posted up a quick how-to for fixing Botcon 2013 Hoist. Some figures were mis-assembled at the factory. By following these instructions, you can rectify the problem which hinders transformation. Check out the pictures after the break or...
news.tfw2005.com
BotCon 2013 - Machine Wars Hoist Chest Repair Guide for Convention Exclusive Action Figure
As promised, the folks at the Transformers Collectors Club would be providing some instructions on how to repair the misaligned chest part t
tformers.com