Your Phalaenopsis orchid looks like it does because it was never repotted! But that is not always the "kiss of death"!
If this method of growing works for you, then continue. Jim makes a good point by citing that this is the way that they typically grow in nature.
If you do not like the way it looks, you could try it in a basket. Use a 4 wire hanger and shorten the length of the two back wires on the rear corners of the basket. You could place the plant in such a way within the basket so it would still curve downward. You might have to water it more often but you would not have to repot it again for quite a few years,
