While it will straighten out the wrinkles are now there for good. You can roll a strop loosely with the skin side out but never roll it the other way. Once the top grain breaks from the fibers below it cannot be repaired. Ask for a replacement
GBS is not a brand that I am particularly fond of, and that style of hardware is not to my liking either. Rolling of such a small strop should be totally unnecessary and reflects poorly on the vendor. Your strop would work but a nicer piece of leather with no wrinkles would be a LOT better IMHO.