"Genuine leather" isnt technically bad, it's just a very broad and not useful term.

It literally just means exactly what it says, that it's not fake leather. You could take full thickness of a hide and label that genuine leather (though "full grain" would be a better descriptor). You could also take a bunch of suede scraps, glue them together, and coat it in polyurethane to look like a full grain, and label that "genuine leather".

You might have an actually decent leather. Nowadays, since people are more savvy to the meaninglessness of the term, reputable leather goods are typically not marked "genuine leather" since it has a negative connotation, but maybe not when you bought your wallet.