"Open Chat" Bind does not work

I've noticed that there is a bindable interaction called "Open Chat", which is bound to L2 + D-Pad Right by default. I assume it is meant to open the chat, like pressing Enter on PC.

However, using it does nothing (at least for me). It's not a major issue, but it would make trading easier if it actually opened chat.

I guess this is a general bug with the controller UI, but I'm not sure if it affects more than PS5.