Camped under a bad thing?

What is bad about a camped under horse? How does it effect them and their performance?

It is very hard on the hocks because of the angle in which the horses leg goes forward. So a lot of strain on the hocks which will more then likely cause hock problems in the future. It also will reduce the horses stride because of the way the leg is set.

So camped under will come back and cause problems down the road.

Agreed. It is also undesirable in jumping horses or any form of racing because the horse cannot get the full flexion of its legs and in the long run it may cause hock and muscle damage if worked too much.
If they're being used for just pleasure riding it's typically not an issue

Much depends upon the reason why a horse is camped out and the degree to which it is camped out. It is not a cookie cutter condition where there is only one cause and effect.

Some horses simply stand camped out for whatever reason, some have hip angle issues, some have stifle issues and will stand camped out to compensate, some have improper gaskin and cannon lengths which causes a poor hock angle, and some are out of proportion from the head to the tail and may stand camped out or camped under to achieve a comfortable balance. Even a back injury can cause a horse to camp out or under.

There is no way to assess either the reason a horse is camped out or the affects it may cause without a close analysis...

Yes, I am glad that Faceman mentioned that a lot of times when a horse stands camped out or under, it's due to the horse trying to avoid pain/discomfort. What I am trying to remember was if the horse stands camped under with the hind, is it trying to take weight off the front onto the hind, or vice versa?

Tinyliny, it's trying to get weigh off the front end when camped under. You were half right. Lol

Meaning, when he brings his rear feet more under him, he is taking more weight onto them, and relieving weight from the front end?

When a horse brings his hind feet under himself, if he then rocks the entire body furter forward, so that his center of gravity is more over his front legs, this weights the front end more, taking weight off the hind.
But, if the horse does not rock his body forward and become camped under in the front, then by bringing his hind legs further under his body, he will weight them more, and front less.

I should have added after "camped under in the hind end". Foundered horses will do this -shift the weight back to ease the front legs.

That being said is it possible that she is camping under because she was pregnant? To balance some of the weight?

I think maybe the conformation fault others were addressing is "camped out", which is not something that varies with how the horse chooses to stand. This is what you see when looking at the horse in profile with his cannon bones on all four legs straight up and down perpendicular to the ground: the hocks of the horse will be behind the rump if you draw a straight line up from the cannon/hock. This condition doesn't change no matter how the horse stands. It's a ratio thing that makes it hard for the horse to get under himself without putting extra strain on the hocks. I'll try to find a picture. Unfortunately it seems to be pretty common in Tennessee Walking horses.