It's not real. Most of it must be artifact.

(1) at the start of the downswing (club pointing upwards) (club at it's slowest) there is significant artifact. Where at the "halfway down" (club parallel to ground), there is little distortion.

Clearly there should be more bend as the club travels faster.

The digital images are created by the sensor working top to bottom, left to right.

If you think of the pictures being drawn top to bottom, left to right, you can appreciate why the club looks as it does !