The legs and feet can get pushed into awkward position that affects their growth. In reality the legs and feet continue to change after a baby is born. The lower leg has a C shaped curvature that is entirely normal and by the time a baby starts walking his legs will likely to begin to straighten.
Until then though some babies have long straight limbs while others have wide curved ones. The feet looks like puddles early on with no obvious arches and like the legs the feet will develop as they need to once they bear the weight and become responsible for walking. Some babies point their feet inwards and others turn their feet out.
All of this evolves over the first several months and years of a Childs life, no it is normal for baby’ s legs to look bowed like he just got off a horse and this will continue until two to three years of age. There is often a C shaped curvature between the knees and ankles from birth and in most children maximal bowing of the legs actually occurs.