The bug
The team option nametagVisibility does not use the same capitalization as the item "Name Tag". It would have to be nameTagVisibility.
This affects the command feedback message as well:
commands.team.option.nametagVisibility.success
Nametag visibility for team %s is now "%s"Nothing changed, nametag visibility is already that value
Can confirm in 23w05a and 1.19.3