She is only a yearling so will do a lot more growing yet.
I don't see a severe cow hocked horse. It is a bit, but a small amount of outward angle of the rear leg is normal and correct. Her angle is not extreme, tho more than optimal.
Her knees are a bit overly upright (calf kneed?) and not stacked absolutely straight (upper leg over lower), but maybe not as bad as you think. The right is worse than the left.
I would not be all gloom and doom yet. She is post legged, but the angle of the back leg is good enough. Pasterns are upright, too.
Is she from halter breeding lines? She may not be a really strong horse, but may grow to be straighter than she looks now.