Not overcooked at all. People don't realise it, but it's not unusual for the aft fuselage of a 747 to get to about 18" from the runway surface on a heavyweight take-off. That's why to date the 747 has never been 'stetched'- it would take a complete new wing. Being taken towards end on with telephoto, there is a lot of foreshortening evident in the photograph that gives the impression of excessive steepness.