A lot of normal construction look look very ugly up close.

Mona, Mona...wha happened Babe?

Wish I could caulk that neatly!

There is, and I suspect always will be, a tension between form and function. It's one of those immutable laws of the universe things and it's also a great topic for cocktail party conversation. Yes, really. Been there. Done that.

While the purpose of a sealant e.g., caulk, applied at the intersection of horizontal siding and vertical corner boards as shown in the OP's photo is to minimize the potential for water intrusion (read function,) the proper texture of the surface is open to discussion, dare I say, argument (read form.)

Caulking is not an exact science; it's more of an art form. As such, allowances for creative expression in application should be allowed, indeed encouraged. The American Society for Authentic Application of Sealant Materials (ASAASM) considers a tooled caulk joint to be an inferior artistic expression compared with a fileted application such as that shown in the photo, albeit functional. That includes joints tooled using a human finger. The discerning observer will note how the filets in the caulk joints shown in the photo mimic the faux grain in the composite siding. They create an interesting juxtaposition of the authentic and artificial. The unanswered question is whether the caulk artist's intention is to complement or to mock the degree of "fauxness" in the composite siding. Then again, some things are better unanswered.

Does it do the job it is supposed to do??? And how much more do you want to spend?

"James Hardie recommends the use of caulks and sealants that remain permanently flexible. Look for the words “permanently flexible” written clearly on the label or in the accompanying literature.

For best results, use an Elastomeric Joint Sealant complying with ASTM C920 Grade NS, Class 25 or higher, or a Latex Joint Sealant complying with ASTM C834. Caulking/sealant must be applied in accordance with the caulking/sealant manufacturer’s written instructions.

James Hardie does not warrant and does not accept liability for the appearance or the performance of field-applied caulks and sealants." Page 29.

American Society for Authentic Application of Sealant Materials

Talk about a dry sense of humour! And tasty! Filets?

Filet mignon

I suppose the term "undulating" could have been used, and might cause less confusion, but sealant afficionados should not be put off by the description of the caulk/air interface as being like a stack of filets cut from a tenderloin and beautifully displayed. I believe the term filets is used somewhere in ASAASM literature, but I could be mistaken.