Ok let me know but I think it's a calibration thing most likely.
I'm happy to report that it seems to be working. Finally. (Note this is for a Pixel Tablet running latest stable GOS at the time of writing.)
After many attempts at getting this to function, these were the steps performed to achieve calibration. (Whether it was solely this final attempt or a combination of this final attemp along with the previous attempts, I'm not certain.)
1. Battery optimization on.
2. Charge. At 80% shield icon will come on but continue charging to 100%.
3. Once at 100%, leave plugged in and perform a high power consumption activity (eg. play a movie on full bright).
4. Device will discharge to 80% with shield icon and remain steady at 80%.
5. Leave device in this state. Unsure if high power consumption activity needed to ensure calibration but in my case, I left media playing (after discharge reached 80%) for over four hours.
Note: No indication from device if/when calibration is complete.
6. Unplug device and use.
7. The next time device is charged, it will adhere to 80% charge optimization.
Observation: The next time I charged the device, it was around 60%. I plugged in the device (which was powered on and in a secondary profile) and did not use it with the intent on returning 30 min later to unplug as I assumed I'd find it charging above 80%. When returned, I found the device at 80% and assumed it just happened to be at 80% by chance and not because it haulted charging. With the power still attached to the device, it dropped to 79% for about two minutes before returning to 80% where it is holding steady.
So I would say that the device required multiple hours of calibration at 80%. In previous attempts, I would leave the device plugged in where it would remain at 100% (with shield) since there was not enough power consumption to bring it back down to 80%. When at 100%, it did not seem to calibrate properly. Whether this is a bug or related to either the Tablet or GOS, I'm not sure. Will continue to monitor charging and report back if anything new is discovered.