In a singleplayer world (where no netherite items will burn) You can see the bouncing apply to all netherite items. Not sure if it is a bug, as it was in most of the 1.16 betas.
This issue is also prominent on Nintendo Switch.
Try relogging into the game - It may fix the issue
Can confirm this happens in 1.16.0 on Nintendo Switch. Will upload a video shortly.
@AlbertKazadi That is meant to happen.
In a singleplayer world (where no netherite items will burn) You can see the bouncing apply to all netherite items. Not sure if it is a bug, as it was in most of the 1.16 betas.