Bundles cannot be undyed using water cauldrons

Now that Bundles can be dyed, similar to Shulker Boxes, I expected one would be able to remove the dye using a Cauldron filled with Water, the same way as Shulker Boxes.

Steps:
1. Hold a dyed Bundle
2. Use dyed Bundle on a Cauldron filled with water

Expectation: Dye is removed.
Actual Result Nothing happens.