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I took a look under it today and saw what looks like a rusty exhaust pipe... Everything else seems alright. Is this something I should worry about or normal?
Out of the mouth of babes and asses . . . Yes, the exhaust system is normal, and indeed, very good. Normally the connections and connector bolts rot out so you end up with a perfectly good stainless steel pipe or stainless steel muffler that you have to throw away! Kind of defeats the purpose of using stainless in the first place.
As for rust in general, it is ubiquitous on the G. The G is a vehicle designed in the '70s so it rusts like a vehicle designed in the '70s. Doors, front window frame, springs mounts on the chassis, and many more are trouble spots. Because of the low volumes, MB never did much to alleviate the rust issues.
Exhaust system rust is normal, except if you live in an east coast area where the roads are heavily salted during the winter. There, you can expect total disintegration.