Non-full blocks display oddly in water

Blocks are appearing literally on the water. It can happen to almost any non full block. Like banners, stairs, etc.

Steps to Reproduce:

  [Step 1]

Fly around the world and find some seagrass or kelp and see the bug
  [Step 2]

or you can place banners or non-full blocks yourself
 

Observed Results:

Water visual bug

Expected Results:

shouldn't happen