I call it awesome. Giving me flashbacks to the '68 Pontiac LeMans my ex hot rod hubby built and we honeymooned in and I drove it back and forth to college and got many tickets. It had a seat like that but I think it had a diamond pattern in the center.
I'm new to the forum but have been an auto trimmer for 45 years. If you can see the thread it's just a stitched pleat. If you cannot see the thread it would most likely be called roll and pleat. This is usually done using a channeled foam. Go way back in the day a lot of the stuff was more appropriately called tuck and roll.In that one two pieces of material were first sewn together in a fashion as to hide the thread and then padding was inserted into the tubes formed by using piping tins . Think of a very small piece of stove pipe cut in half lengthwise. You "clam shelled" the padding between the two halves, inserted the whole thing in the tubes formed by the vinyl or leather and then slid the two piping tins out. Very labor intensive and quite frankly not even close to looking as good as the first two methods