I thought the whole point of a forstner bit was that it would drill a
non-through hole with a flat bottom? (Except for the brad point in the
middle.)

I ordered a set of forstner bits from Lee Valley that came in today,
and their chippers are about 10 - 12 degrees off of straight. My first
thought was that, hey, maybe (probably!) LV knows a lot more about
drilling angles than I do, and maybe somehow these will still drill a
flat-bottomed hole.

Not even close...the hole has the obvious brad point "divot," and then
the bottom slopes downward towards the rim by about 10 - 12 degrees.

Am I missing something here? Does anyone else have any experience with
these bits?

Not only that, but the 1/2" bit didn't have a smooth rim...there was a
decent-sized divot on it.

These bits are made in China, which I didn't know in advance or I
certainly wouldn't have bought them. (Let's be fair...LV doesn't claim
they're of US or Canadian origin.)

Lee Valley is a great outfit...I've bought enough of their products to
say that unequivocally. But can anyone enlighten me on why these bits
are "shaped" like this? Are anyone else's forstners shaped like this?

Thanks in advance.