I don't think it looks as bad in the side photo as might have been expected from the bottom. Personally I think the shoe is fitted a bit on the short side and I would want a bit more heel support but I do think a lot of farriers fit this way a lot of the time. The horse's heels themselves look better than I was imagining though.
Is this the first time your horse has had the pads or has something changed from previous shoeings to make you concerned or has it been this way for a while?
This but I would be very unhappy with the big dip in the event lines at the heel. Sorry if this worries you but I wouldn't expect a horse with heels like that to stay sound long term.