Marcus, did they use prefinished material? I can't see in the photos, did they fill the nail holes and also not paint over?
The order of operations should be something like replace window, insulate, install new jambs and trim, Caulk, fill nail holes, and then paint it at the end. I'm sure all of which you already know.
What were the conditions that lead to this? Did the window company also install new trim? Did they use prefinished material?
I would not consider that best practice or a finished product. The next question is who was overseeing the project? A general contractor? Eventually the caulk will turn yellow. In all, the solution is to bring in a painter, which is the final step anyway.
I think your question was is it acceptable or standard practice. It's not. Which leads to my other questions. I spend a lot of time talking through the process of different construction/carpentry projects with my customers and setting expectations, so the story of this one is interesting to me.