DIAGNOSIS: You almost certainly didn't get a bad panel. Out of the box, the monitor defaults to a gamer-focused 'Gamer 1' picture mode which prioritizes speed over color accuracy. It makes things look washed out.
FIX: Let's set it up for better color. 1) Press the joystick button on the back. 2) Go to Picture > Picture Mode. 3) Change it from 'Gamer 1' to 'sRGB.' This will immediately look more natural. For even better control, go to Picture > Color Adjust. Set Gamma Mode to 'Mode 2' (this is the sRGB standard) and set Color Temp to 'Warm.' That's a good baseline.
IF THAT DIDN'T WORK: The issue might be your graphics card output settings. Right-click your desktop, open your NVIDIA Control Panel or AMD Radeon Software. Under 'Change resolution,' make sure the output color format is set to 'RGB' (not YCbCr) and output dynamic range is set to 'Full' (not Limited). Limited range crushes your blacks and whites.
HEADS UP: The 'sRGB' mode locks some color settings, which is fine for most users. If you want to calibrate further, you'll need to switch to a 'Gamer' or 'Custom' picture mode and adjust from there.