Versioning does not take place on first rename

I have noticed (on two different SharePoint sites) that a new version is not created when renaming a folder for the first time.

Steps to reproduce:

1. Ensure versioning is switched on in the library.
2. Add Version to the view.
3. Create a new folder. This will automatically be marked as version 1.0.

   

4. Rename the folder. The version number does not change (should be 2.0).

    

5. Rename the folder a second time. The version number changes to 2.0 (should be 3.0).

    

6. I first noticed this when collecting the versions through Power Automate - it was always missing the first renaming because the field {VersionNumber} was not changing.

Has anyone else seen this? Is there anything I've missed that could be causing this, or is it a bug?