May relate to MC-261324 as it also can cause the popping animation to reappear.
The bug
The sprite known from 23w31a onwards as "gui/sprites/hud/air_bursting.png" can appear when the player exits water as the air bar refills. This is not expected behaviour, as this icon is intended to show a bubble popping, and should only be displayed when losing air, not gaining it.
How to reproduce
Enter water in Survival/Adventure/Hardcore, etc.
Remain within for enough time
Exit the water
Keep an eye on the air bar
Expected results
When bubbles regenerate, they should do so instantaneously with the normal full "bubble" icon.
Actual results
In some cases, the "popped" bubble icon can be seen when the air bar refills.
The rendering of gui/sprites/hud/air_bursting.png is contingent upon the Air NBT tag (<Air>). Specifically, it appears when "<Air> mod 30" equals a value from 1 to 3. This tag decreases while underwater without the water breathing or conduit power effect, as long as it remains greater than -20. Upon reaching -20, drowning damage is incurred, and the tag resets to 0. When not submerged, the value increases until it reaches 300. Rectifying this seemingly unintended behavior, as indicated by the bug report's priority from Mojang, necessitates a redesign of the underlying system.