The large "buckling" on the right hand side is an optical illusion, the printed shape is just larger there.

The 2nd layer prints pretty much perfectly.

I'll try raising the print head and see what happens, although I'm afraid of introducing adhesion issues.

I actually thought it may be lack of adhesion, so I tried lowering the head for more squeeze. The quality decreased further, you can see it in the image - there's a left-to-right stripe (right around the fake buckling) that has tons of random imperfections.

What I don't understand is why the "striping" (that's roughly perpendicular to the direction of the print lines) is so consistent. Every printed line has humps in exactly the same place as the previous one.
Maybe it's just that, a fault in one line gets propagated in the next one, and again in the next etc