Dashicons in button group options stopped working

I'm using a lot of Button Group fields on setting pages in my projects and lately I've noticed that all the ones with dashicons icons in the options stopped working and render the html in plain text as labels.

In the documentation, this example is given:

[
    'id'       => 'styles',
    'name'     => 'Styles',
    'type'     => 'button_group',
    'options'  => [
        'bold'      => '<i class="dashicons dashicons-editor-bold"></i>',
        'italic'    => '<i class="dashicons dashicons-editor-italic"></i>',
        'underline' => '<i class="dashicons dashicons-editor-underline"></i>',
    ],
    'inline'   => true,
    'multiple' => true,
],

But this generates in text labels with the html characters in them.
It seems there is some kind of filter added to the rendering of the fields that strips the html and breaks this dashicon functionality.

Could this be addressed?