iPhone 12 Pro Max Pacific Blue Paint Peel?

The thing is, even if the blue paint was problematic, that spot is pretty clearly purple, not blue.

Contact Apple Support directly; they may recognize it as a manufacturing issue of some type and replace your phone, it's certainly worth a try.

Contact - Official Apple Support (SG)

Ok,that was my best guess.

If it bothers you and you are in the 14 day return period, return it for a refund.

If you are out of the 14 day return period, there is nothing to be done.

Warranties don't cover cosmetic issues.

As mentioned that looks like something is on there like ink or dye from the case or something else. Since you say the case is clear maybe something got in between the phone and the case. But doesn’t look like a defect of the phone. Not a scratch and the glass wouldn’t have paint peeling. Try wiping it as suggested to see if whatever it is comes off

If you bought from Apple, you have 14 days to return for any reason.

You will need to contact Apple support. Use the Contact Support link at the top of the page here and they will need to examine it. They will explain your options.

I'm not able to see exactly where you say paint is peeling, but you do know the back or your phone is frosted glass, which is not painted. Are you referring to the purple square in the photo?

I don't see anything peeling.

Looks like your case bled some dye onto your phone causing the discoloration.

Again, the back of the phone is Frosted Glass. Paint can't peel off frosted glass. It appears like Jonhnathan suggests some coloration from the case it was kept in?

Something discolored the glass. Glass doesn't peel it's color.