Items using format version ≥ 1.16.100 have broken first-person animations

Expected behaviour

Items should use the same first-person bobbing and swing animations as items using format versions below 1.16.0.

Actual behaviour

First-person item animations are offset from their expected transforms and move more aggressively than intended, affecting both bobbing and swing animations when using format_version 1.16.100+.

This does not require the item to have the minecraft:hand_equipped item component as it can be reproduced with items without.

Minimal reproduction

{
    "format_version": "1.21.130",
    "minecraft:item": {
        "description": { "identifier": "king:custom_item" },
        
        "components": {
            "minecraft:icon": "paper"
        }
    }
}