OnHit not firing when capsule collider passes onto very close and same height mesh

When a capsule collider passes from the top of one piece of geometry to another that is very close the OnHit event doesn't fire. I have attached a project that demonstrates the issue in 4.23.

A video demonstration can be found at [Link Removed].

Found in 4.22.3 CL#7053642
Reproduced in 4.23.0 CL#8386587, 4.24 Main CL#8588088

1. Create a new project third person template project.
2. In the ThirdPersonCharacter blueprint create the OnComponentHit (CapsuleComponent) node.
3. Connect that to a IsValid node that checks Other Actor (setup in image below).
4. Connect the IsValid node to DrawDebugBox and set Duration to 1.0 and Thickness to 2.0.
5. From the OtherActor pin create a GetActorBounds and connect Origin and Box extent into DrawDebugBox.
6. Create a new blueprint that is a big cylinder.
7. Place a bunch of them in a line at varying distances to each other (extremely close to a gap that can crossed without jumping).
8. Play the scene and run along the the line of actors.

Results: The capsule collider doesn't call the OnHit event when it collides with nearby meshes underneath it.

Expected: OnHit is called on when initial contact is made between the capsule collider and the other mesh.