I was building a kelp farm and was making a place where i could stand to take all the kelp and suddenly my camera position started floating. I knew that it was the camera position because if i looked at the bottom of a block it would place and remove blocks below it and if i went into third person view both the camera position and my player would be at the correct height. The camera position would also fix itself if i was in a two block high space. I also know that it was not water because when i placed two signs the camera would stay at the same height. I also noticed that if i went out of the small space i was in the camera would fix itself.
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Hello,
I also recently stumbled upon this bug and I can also confirm that this occurs on blocks next to falling water. I attached clip 'CameraBug.mp4' of me recreating this bug.
My findings:
I've tested this on PC but have also found that this also occurs on Xbox One.
Occurs on Realms and Single Player.
Other players are also able to stumble upon bug at same blocks.
First-Person camera floats, but crosshair stays static to original height (as seen at 0:52 in video).
X-Ray is possible when camera is lowered to original position and entering 2x1 area (as seen at 1:16 in video).
Floating up and falling down water is affected by "snapping" to next Y-Position (as seen at 1:39 in video).
I hope this information is helpful.

Thank you for your report!
We're actually already tracking this issue at MCPE-51142, so I will resolve and link this ticket as a duplicate.
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It only occurs on one side of the water, but after some experiments I've realized that the glitched side is not always consistent. So I attached a world for anyone trying to reproduce it.