QGraphicsScene behaviour broken

Something drastic changed with the behaviour of QGraphicsScene/QGraphicsView from Qt4.8.6 to Qt5.9.6 (the version we are currently at and want to upgrade to). If you run the following code snippet 

QRectF innerBounds(0, 0, 0.01, 0.01);
QGraphicsEllipseItem innerCircle(innerBounds);
innerCircle.setBrush(Qt::red);
QGraphicsScene scene;
scene.addItem(&innerCircle);
QGraphicsView view(&scene);
view.fitInView(&innerCircle);
QVBoxLayout layout;
layout.addWidget(&view);
QDialog dialog;
dialog.setLayout(&layout);
dialog.exec();

In Qt4.8.6 you get

but in Qt5.9.6 you get

Since we are doing such a big jump in our upgrade it is difficult to find what has changed.