The backward compatibility of DNG Converter seems to be broken, in particular it creates Opcode List 2 tags even when "Camera Raw 4.6 and later" or "DNG 1.1" compatibility is selected (both of which do not support Opcode List tags, as they were introduced with DNG 1.3 and Camera Raw 5.4).
This is on macOS 14.6.1 (Sonoma) and I can observe this back to at least version 13.0 (probably the oldest version that still works on Sonoma).