The very nice thing is there are buds forming inside of it. It's great that we get to see some interesting effects like this. Still natural, but outside of usual behaviour.
Not too long ago, one of my orchids flowers had a missing dorsal (upper) sepal, which was very interesting. It's still in flower right now.
Not as interesting as your case though - but still captivating ----- Click Here.
I’ve seen something similar on 2 Cattleya alliance hybrids this spring. Both were first bloom plants. Growths were mature or nearly mature. Neither had any apparent sheath. On the first, the buds pushed out far enough to open and display properly. On the second, the flowers are attempting to open, but they haven’t cleared the leaf area enough. I’ll wait for a second blooming to see if this is genetic or cultural.