New Portals generating instead of linking to another portal within 257x257x128 region

I can confirm this issue–I even made a portal in the Overworld, went through, and came back. Instead of sending me through the portal I had come through, I ended up about 40 blocks away, in a new portal.

This issue appears to be a regression in 1.16.2, as it wasn't happening in 1.16.1.

I had the same issue as well. Went through the portal in the overworks and ended up in a new one about 100 blocks away when I came back. 

The search distances for matching portals have been shortened - 15 blocks for the Nether,  127 blocks for the overworld. Meanwhile the range of search for viable location for spawning a new portal is unchanged. This frequently leads to newly spawned portals no longer leading back to the origin.

The game seems to search for existing portals in the Nether within 15 blocks (not 127 as it used to) from the point [floor(x/8),y,floor(z/8)]. Failing to find any it goes about finding viable portal spawn locations within a much wider range (127?) and spawns a portal at one found. That portal will likely not link back to the same overworld portal as the new exit point [x*8,y,z*8] will most probably be way more than 127 blocks from the previous portal - no longer does the game search the 1024 blocks radius.

Thank you for your report!
We're tracking this issue as MC-197538, so this ticket is being resolved and linked as a duplicate.

That ticket has already been resolved as working as intended, which means this is not considered a bug and won't be fixed. Please do not leave a comment on the linked ticket.

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