I wouldn't call it a bug, just that a naive ranked ballot naturally favours the centrist voices. I don't even mean this in an extreme way: in Canada we basically have three centrist, neoliberal parties running parliament, and this would mean that the Liberals just win a majority almost every time. NDP voters generally won't vote Conservative, Conservative voters won't vote NDP.
This can turn into a bug because it ends up pushing other voices out: if the popular vote suggests equal support between left, right, and center candidates, you would typically hope the make-up of the government reflects that, but more likely it would look like a center majority. There are ways to mitigate this (large number of parties, electing multiple candidates on a ballot, proportional components of the vote, etc) but ranked choice on its own tends to be a centralizing force, not a way to get a more representative democracy.
Again, not a bug, and I definitely wouldn't call it worse than FPTP, just making it clear that it has its own biases that are worth taking into account.
I agree with all of this. Except I would probably buy all the stupid shit I want because I have no concept of how all the stupid shit I want could amount to more than a rounding error.