Yes its completely wrong and you should feel bad
Now that is how you wear a guitar!
Srsly though wear it how its comfortable and tell everyone else to .... off. Only idiots will tell you your guitar has to be anything other than whats comfortable to you.
Ironically enough the same show that that picture was taken some kid kept nagging the shit out of me for the 5 minutes I was setting up demanding I put my guitar lower, and then proceeded to shut the .... up the second I started playing (I noodled to make sure the volume levels were ok)