Could return it, but could easily get one with a similar issue.
That's if the issue is with the strap at all, and it's not a software issue that'll eventually affect everyone. If you can get the refund as opposed to a replacement, I'd go with that.
Meta nuked the strap from their online store as they clearly want to hold up the RMAs if it is a resolvable issue. Support tickets are full of advice around verifying the LED colour on the strap, resetting it by holding down the button for 12 seconds etc
Usual rumours doing the rounds about an imminent recall. They really don't have the best track record with their Elite Straps. Wouldn't have bought one myself, but was given as a present.
I didn't notice any issue with mine, but after RMA'ing the first headset for an issue, I've noticed the problem with the replacement headset in the first week.