That doesn't look horribly wrinkled, but more so than would be normal under ideal conditions. Pbulbs don't usually re-plump, so don't be tempted to overwater. When new growth starts ut should come in smoothly if all is good. Will be pleated if not. That small growth in your plant is probably old. How do roots look?
Here on the oncidium roots. I also think that I repotted it in much too big a container so I will go down a size. How do my roots look? Most are firm. The hollow ones I removed.
The stringy stuff is roots where the velamin rotted away, so that can be cut off, and roots that have some velamin but also have these stringy areas ard likely rotted also. Check by seeing if the velamin EASILY pulls off.