The bug
I created a new world to test out the new 20w16a features and I wondered if the new chain blocks would pop off underwater. I placed a couple of them down and instead of being waterlogged, they replaced the water source blocks with air. This is problematic because if they aren't fixed, this bug could be exploited to breathe underwater.
To reproduce
Create a new world in version 20w16a
Find an ocean biome or river
Get some chain blocks from the creative inventory
Go underwater and place the chain blocks
Related issues
is duplicated by
Comments

lanterns don’t have a waterlogged state either. This could conclude the reason why chain blocks don’t have this state as well.
This happens with doors as well, despite being in shipwrecks. I know this is part of MC-125351 but it's notorious enough to mention here as an alternative exploit when this gets fixed.