Some high efficiency units can shut prematurely if there is too much resistance through the exhaust. This could be a way of eliminating the issue, if that was a problem.
Not saying its correct, but maybe that’s why it was done.
In my area typically on the roof, the vent is turned downward towards the roof. When there is problem with the furnace cycling. The HVAC contractor will remove the down turn an let the vent terminate in a vertical position with no rain cap. This takes care of the cycling problem and is an acceptable repair as well.