QListView in IconMode has to narrow text layout

QListView in IconMode lays out the item text too narrowly on Qt 5.11.1 when compared to Qt 5.9.1 (see the attached screenshots).

In fact the text width seems to be constant regardless of the full item size in the view.

Attached is an reproducer example. Press zoom in/zoom out shortcuts to see that the text layout does not adjust to the available item width.