There appears to be an air pocket in my DeepCool AIO. The water pump is making odd noises. Is this a defect? If not, how would I alleviate this issue?

Air pockets in an AIO is often not a sign of a defect. An AIO cannot be 100% filled with coolant: there is usually around 5% of air left in the loop. If the air pocket is in the tubes or pump, it will normally recirculate back to the radiator when the flow is established. At times, it might be necessary to purge the air by elevating the radiator above the pump (with the hoses going straight up as possible) and turn the pump on. You can tap on the hoses or pump to help dislodge the air pocket while it is on. Once the odd noises subside, you can reinstall the unit. It should be noted that the water pump should be mounted lower than the radiator to avoid air getting trapped in such a manner.