With Bobbing and Third-Person view on, when there are blocks directly above the player's head, if the player walks while looking up slightly, it is possible for the camera to slightly glitch through the upper blocks allowing the player to see above the blocks. The likelihood of it happening increases based on the field of view (FOV: Normal = Less often. FOV: Quake Pro = More Often).
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Easy to reproduce, difficult to get a good screenshot. However, I'm not sure if that is fixable.
Easy to report, hard to use the search function?
I did search several times, but I guess the labels I searched for (bobbing, camera, third-person, x-ray) didn't match the issue I duplicated (which had the label xray, not x-ray). Next time I guess I should use less labels when searching to see more results.