Nabiscoboy

So another question,
I was under the jeep today and noticed that the Y-pipe had 1 of 2 pipes bent in. It looks like if you squeezed the middle of a straw and tried to restrict the flow of liquid. Using that example, it would make sense if some of the exhaust pressure was not able to escape as well. Think this is something that would absolutely necessary to have repaired?

Thanks

UPDATE:
I think I may have related some things in regards to the o2 sensors to the bent y-pipe. I have been having a temporary check engine light come on and off and the code reads a O2 Sensor High Voltage fault. I figured out that I have the Cali version with all 4 o2 sensors all before the kink in the y-pipe. I'm starting to think some sort of back pressure is triggering the fault code to happen.

Any mechanics or engineers out there willing to offer an opinion?