The fold for merging a GEP of GEP into a single GEP currently bails if doing so would result in notional overindexing. The justification given in the comment above this check is dangerously incorrect: GEPs with notional overindexing are perfectly fine, and if some code treats them incorrectly, then that code is broken, not the GEP. Such a GEP might legally appear in source IR, so only preventing its creation cannot be sufficient. (The constant folder also ends up canonicalizing the GEP to remove the notional overindexing, but that's neither here nor there.)
This check dates back to https://github.com/llvm/llvm-project/commit/bd4fef4a8939db18f39b108e19097b25e2c7c47a, and as far as I can tell the original issue this was trying to patch around has since been resolved.