Looks to me like the gun was too close. If you get too close it will actually create a scattered pinhole pattern where the powder does not take because it is arching to the part and completing the circuit, it then rust like that, because the powder is displaced everywhere the unstable arc jumps.
With improper blasting if the powder is actually applied right, the part will continue to rust under the powder until it breaks the bond and then you will see it flake off in big chunks (kind of how it does on those cheap fold-able chair legs).
It also looks like it my be applied to thin and that texture may be a base coat and require a sealer coat, which may not have been applied.