Pretty typical of commercial practice where a NBS size plant is potted in sphagnum (which is quick and easy) for growth to flowering or saleable size. It is easier to ship and import than plants in healthier bark mixes, and is fine for short term greenhouse growth.
It should be repotted ASAP if you want to keep the plant healthy long term. Do not water until it is nearly dry. If you don't want to repot immediately, I would pull some of the sphagnum out of the center of the root ball from the bottom and replace with very course bark or styrofoam peanuts, something that lets in air and doesn't hold (much) water.
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