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Could still be inconel, the heat discoloration around the welds certainly look like the welds on inconel I've worked with, and a TIG weld isn't necessarily always machine-weld pretty, especially if the substrate is even a little bit dirty. The welds on that exhaust look very much like a hand-done TIG on thin-gauge material. It's easy to lay a bead down by hand like a stack of dimes on their side if everything is clean and 1/8+ thick, not so easy if the can is thin material (which it probably is, that's the whole point of using inconel on an exhaust, use a thinner material without sacrificing strength).
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