"Redundant assignment" analysis does not consider recursive code path

Version Used: VS 2019 16.7.3

Steps to Reproduce:

1. Create new .NET Core console app.
2. Paste the following code.

static void Foo(Exception ex)
{
    var indentLevel = 0;

    void Bar(Exception e)
    {
        indentLevel++;

        if (indentLevel < 5)
            Bar(e);

        indentLevel--;
    }

    Bar(ex);
}

Expected Behavior: No analysis complaints

Actual Behavior:

VS claims that indentLevel-- is a redundant assignment.

This is true for the top level call to Bar but not true for the recursive calls that reference the same indentLevel variable.