Note
I know there are related issues to this bug. When people have looked straight down, the fishing rod line and bob went down very fast and all entities freeze.

What I Thought Should Happen
If I were to look straight up, I would expect the bob and line to fly up and slowly fall back down.
What Actually Happened
When I looked straight up and activated the fishing rod, the fishing rod line and bob traveled up a very short distance, disappeared and did not reappear.
Photo
The photo tries to give you an idea of how far the line and bob flew before disappearing.