If an entity picks up the player's armor and wears it, the entity will not drop the armor when it converts to another entity. I had an unfortunate introduction with this bug with my netherite armor and piglins. A group of normal piglins spawned next to my portal on the way back from a nether trip and killed me while teleporting, when they did that the picked up my armor in the overworld and put it on, I got to the portal at the last minute when they converted and didn't drop my armor.

Steps to reproduce:

-Get a piglin (or any mob with the convert component  I think)

-Give it armor

-bring it to the overworld

-It drops nothing