When targeting a block which is a valid placement position for frogspawn or lily pads, the game will favor the camera/look direction's raycast and place the block in an unexpected or undesired position.
(By raycast, I mean a straight line created from the player's view to the first water source block it hits)

Steps to Reproduce:

1. Create a 3x3x3 pond of water
2. In the center-most position, place a block
3. Stand on the edge of the pond (allowing space for placement on top of the water in front of you)
4. Target the front-half of the block inside the pond
5. Try and place a lily pad or frogspawn

Observed Behavior:

The block is placed on the water block closest to the player.

Expected Result:

The block would be placed above the center block, because it was targeted.

Screenshots/Videos:

In this example, I am trying to place the lily pad above the white wool. While this position is valid for placement, the lily pad is put on top of the water block my camera first views, instead of being placed on top of the block I am targeting.
water_blocks_place.mp4

Notes:

1. To clarify; while this is very similar to MC-226518, it is different as that issue specifies the block is being placed when it otherwise should not be placed at all. In this instance, the block should be placed, but is put in the wrong position. The two however are closely related.
2. Other related lily pad/frogspawn placement issues:
   MC-237476 MC-256407 MC-136405 MC-245845 MC-218114 MC-206807