I know how I feel about this situation, but does that translate into something being "wrong" about it as well??

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Well, it looks like there could be an electrical outlet above it, which usually isn't allowed by the manufacturer.

Placement?
In this area they usually very old and secondary to central heat.
I recommend they be removed if they are at all questionable.

__________________
Consistency is a direct path to perfection.

I don't see the electrical outlet, but I do see the two water supply lines and drain. I can only assume there is a sink above there or close by anyway. There is always a potential for water leaks from lines, piping, valves, or fixtures. I personally would not want to be standing at the sink using it and a leak develop which could wet the heater/electrics and flood the floor area. Potential shock hazards should always be reported on for safety repairs or upgrades. In this instance it would be to relocate or eliminate the baseboard heater away from the "wet" area.

W.S. "Cye" Miles
APRE Inspections, Inc.
Maryville, TN