There is a lot of guessing related to this … and the bottom line with issues like this is you really need to be up close and personal to formulate a reasonably valid opinion. A lot also depends on site specific site/grading conditions (like in particular if the house is built into a hill). While there may be many causes for the apparent defect, the bottom line is that it does indeed appear to be a defect.
As an engineer sometimes doing follow up structural evaluations there have been similar cases were my opinion was it’s no big deal, and other cases where I thought it was a real issue that required repair.
So my recommendation for a typical home inspection is just flag it, recommend further evaluation by a qualified foundation contractor or SE (depending on how serious you think it is based on up close and personal observations that pictures may not do justice) and move on. Avoid evaluation of conditions or causes for the apparent defect like the plague, follow your gut feelings, and “Observe & Report” … thats the job!
JMO & 2 nickels …