Specular Color behavior does not match Legacy or HDRP

Original Fogbugz case link fixed here

How to reproduce:

1. Open the attached project named "Case_1326941"
2. Open the SampleScene
3. Observe the Sphere in the Scene

Expected result: The Sphere is colored red which would match the behavior in Legacy and HDRP

Actual result: The Sphere is colored cyan, with red highlights

Reproducible with: 7.5.3(2019.4.24f1), 10.4.0(2020.3.3f1), 11.0.0(2021.1.2f1), 12.0.0(2021.2.0a12)