This is not a bug and is actually how it’s supposed to work. It’s a bit confusing as the elaborate description of Stacking Contexts doesn’t mention anything about it. However, the visual formatting module links to the color module where this particular gotcha can be found (emphasis mine):
Since an element with opacity less than 1 is composited from a single
offscreen image, content outside of it cannot be layered in z-order
between pieces of content inside of it. For the same reason,
implementations must create a new stacking context for any element
with opacity less than 1. If an element with opacity less than 1 is
not positioned, implementations must paint the layer it creates,
within its parent stacking context, at the same stacking order that
would be used if it were a positioned element with ‘z-index: 0’ and
‘opacity: 1’. If an element with opacity less than 1 is positioned,
the ‘z-index’ property applies as described in [CSS21], except that
‘auto’ is treated as ‘0’ since a new stacking context is always
created. See section 9.9 and Appendix E of [CSS21] for more
information on stacking contexts. The rules in this paragraph do not
apply to SVG elements, since SVG has its own rendering model ([SVG11],
Chapter 3).