PSD Transparency and Bridge 2020

With PSD files that have transparency, I notice the bounding box of the files are getting clipped to the edge of transparency. This happens with or without Tiles being turned on.

This is the file in Bridge 2019. The white on the outside is transparent:

This is the same file in Bridge 2020:

The ony way I can see the whole image with transparency is to turn on the fugly transparancy grid option.

Why is this happening? Please tell me it's a bug and not a "new feature".