Ignoring the chip for a moment, it looks to me like the draft hole in the side of the bowl is a tad too high, and very slightly off center as well.
If so, that in itself shouldn't be a problem, but it raises more concern than does the chip. The photo has the pipe somewhat tilted, but I think the chip was caused by the drill bit plunging too deeply into the bowl, thereby nicking a spot opposite the draft hole.
In all likelihood this pipe won't burn tobacco all the way to the very bottom of the bowl, in which case the chipped area won't see a glowing ember very often. So, as Brendan18 said, if this is not a top dollar pipe, just ignore these minor nits, and enjoy the pipe.