The LEDs are placed at the bottom, so it's normal to see some shading there. Some units show minimal cone shapes, others are quite pronounced.
If it bothers you, try to get a replacement by all means. You will be looking at that with every single page you read. You might ask to open the new reader in the store to see if it has the same issue or not (if you have that option, not sure if you ordered it direct from Kobo or purchased it locally).
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