there are 2 wires to the vr.
only one is a field wire. Both wires from the alt do not trace back to the VR.
the second wire is a sensing line from the battery. It goes into a splice that goes back to key on power AND splits off as the other field wire.

Based on the fact you have voltages, makes it sound like it is wired correctly, you just traced it back wrong.
And I agree, it sounds like a bad alt out of the box.