It looked very 'hot' and clipped.
I reduced the volume on the clip gain slider on the clip and sure enough - it had that straight clipped look
I zoomed in a millimeter and the straight edge of the waveform disappeared and I saw a normal, unclipped waveform
Why is this happening? Why don't I get even a vaguely accurate picture of the waveform when I am a little bit too zoomed out?