Pretty much all of the above.
Not to mention the fact that most Broncos these days (even if they look, or are claimed to be "restored" fully) have bodies like swiss-cheese and any exhaust floating and fluffing and chuffing it's way around the body will have lots of areas to find it's way inside with the passengers.
Is it a hard top? Soft top? No top?
As was asked already, is the exhaust exiting anywhere but out the passenger side rear corner at an angle?
Is the body in rough shape, or has this one been fully restored?
If the answer to any of those questions is yes, no or maybe, then your regular old foul smelling old truck exhaust may just be coming in to share some good quality time with the new owner!
Every hole in the body is a leak. Each rear corner stake-pocket is an open port to the exhaust if the hard top is not on, or is not sealed perfectly. Any rear window seal that is not perfect is an exhaust path waiting to happen.
And any time the exhaust pipe(s) are routed straight out the back, or in front of the rear wheels, or on turn-downs in front of the rear differential, it's just a pollution-fest in the making.
But enjoy your Bronco anyway!
And welcome to classicbroncos.com too! Is this your first, or have you had others?
Good luck with the smell.
Paul