Yeah I can unbend it like you say, but I find it to be a big pain in the a$$. You need to work the text box at the twelve O'clock position, unbend it, grab the rotational arrow and move it a little bit before the horizontal resize bars appear. Then you can resize the box and drag it where you want to. If you originally place the text box at any position other than twelve O'clock it is much more difficult.
This default bent crap just happened with the last Nero major update. This is one of the dumbest things they could have ever done. This is living proof that newer is not always better. I e-mailed them and let them know how I feel. Maybe if everyone did that they would roll it back to the way it was before.