All projectiles such as arrows or tridents, shot onto the bottom side of all non-transparent blocks are rendered very dark.
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Affects other projectiles as well, see MC-179595.

Confirmed in 1.16.1 and 1.16.2 Pre-release 1. It affects not just Target blocks but also other blocks except for transparent blocks, slabs, and light-emitting blocks.
It turns out that the hit box of the arrow passing through the block is what causes this bug. To demonstrate this, I attached another image to show the hit box.

The bug clones MC-3885 instead of relating to it and represents the same bug in the original report.
Can confirm in 20w48a.
Can confirm in 20w51a.
Can confirm in 21w03a.
Can confirm in 21w06a.
Can confirm in 21w13a.
Can confirm in 1.18.1.
Can confirm in 1.18.2 and 22w15a.
Can confirm in 1.19.
Can confirm in 1.19.2.

Can confirm in 1.20.6 and 24w19b.