Welcome, Ryan,
It looks to me that a tub to shower conversion was done, and the receptor used is a pre-fab one piece unit. Dollars to donuts that the manufacture of the receptor did not include the center dip, and the manufacturer calls for the floor it is installed on to be flat and level right in their installation instructions.
A 1/2" of caulk will fail, and fairly quickly, not to mention look terrible.
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Dan
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If I recall correctly my memory is excellent, but my ability to access it is intermittent.
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