What led you to think otherwise? 
I have 6 tons of it in my backyard.
I don’t think it matters whether the stone is real or manufactured. It matters how it was installed (i.e., surface applied vs stacked on a brick ledge). If done like brick it should have weep holes. If surface applied, I believe it should conform to the same standards as cited by MVMA (i.e., with lath, weep screed, kick outs, casing beads, etc.).
I’m unfamiliar with any approved stone veneer installation method that allows the veneer to run down into the dirt like that.
I would ask the contractor to provide documentation from that manufacturer covering that installation method.
With manufactured stone veneer, the latest method around here is where they put the weep screed at the proper height in relation to the wood framed wall but they add more veneer under that all the way down to the point where the landscapers push dirt right up to it. The “stone” that is along the bottom has foundation masonry behind it with the weep screed above it.
Is this still wrong?
Interesting - the other side of the coin:
http://homeinspectionschool.info/news-2/newsletters/weep-holes-deficient-or-abusive/
I would guess about 98% of the houses I see with brick or stone veneer don’t have weep holes (Wisconsin).