Rendering 360 output from HDRP - Bad cubemaps when volumteric lighting has reprojection enabled

I was attempting to output a 360 capture with directional light volumes in HDRP 7.2.1 - 7.3.1, in Unity 2019.3.4 - 2019.3.14.

I had to disable HDRP Default Settings - Lighting - Fog - Volumetrics - Reprojection.

Looks like when when a cubemap is created, volumetric reprojection screws it up. True for both Unity Recorder & scripting via RenderToCubemap + ConvertToEquirect methods.

Here is a demo scene example