It's the beginning of the end. It's barely possible that the inner eyelet wasn't fully seated when the rim was made, and now having settled the lower one was able to pull through a bit. That would be OK, and was fairly common when double eyelet rims were first built years ago.

Bit I suspect that you're seeing the eyelet and nipple extrude through the spoke hole, which is an unstoppable process. True it up as best as possible, avoiding excess spoke tension (which may have been a causative factor) and continue to ride it. It'll let go eventually, but that could be weeks or months out. However don't plan any extended trips on this wheel so you can't be stranded 4 days out.