Items and hand don't sway when view bobbing is turned off

In the 1.11 video, I have view bobbing turned off and the items sway. In the 1.16 video, you can see me turning view bobbing off and the items don't sway. The hand also started having this issue in earlier updates.

Steps to Reproduce:

1. Turn view bobbing off
2. Move the camera in any direction with an empty hand or with an item

Observed Results:
The hand/item does not sway.

Expected Results:
The hand/item should sway.