The buds of many monocarpic plants form a year or more before they can be seen. This includes Agave, Paphiopedilum, and biennial Allium (onion, garlic.) They remain microscopically tiny deep inside the rosette, with tiny leaves surrounding them that have not expanded yet.
When you plant a clove of garlic, or a small set onion, the flower may already have initiated.
Each fan of a Paph will grow for a while, then the terminal meristem forms an invisible bud deep inside the fan. That growth will not grow more new leaves, but already-formed tiny leaves near the meristem will continue to expand. The fan may produce more growths from the base, from meristems that didn't develop.
I suggested the bud on your Paph may have formed before you bought it, but remained microscopically small at the center of the rosette. The plant was coasting on the nutrients stored in the plant while at the nursery. As it expanded the bud, it ran out of stored nutrients. As Ray said, it is likely cannibalizing old leaves to sustain the flower.
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