I'm afraid wrinkled flashing is the norm here with MA TPO and EPDM.
That flashing has polypropylene fabric on it, designed as an underlayment for pavement. The brick wall it's over will fall down before the flashing tears.
The 3 guys are my son talking with 2 Western Colloid tech guys.
Wrinkles. As I told the owner of the building: They shouldn't be there, we recommend cutting that flashing out. It will add $6,500 to the cost, it won't leak if you don't do it.
Blisters. The roofing industry, after 30 years, changed their mind on retrofit roofs and decided that the way my dad approached it is the best way. If the blister is small and static, and solid enough not to break it by stepping on it, leave it there. If it's dynamic or weak, remove it.