Semver not upgrading to correct version, defaulting to 0.0.1 everytime

Hi,
I'm using this action as below:

- name: Bump version and push tag
uses: mathieudutour/github-tag-action@v5.1
id: semver
with:
github_token: ${{ secrets.GITHUB_TOKEN }}
dry_run: false
create_annotated_tag: true
append_to_pre_release_tag: ci
release_branches: main,master

So far it had created three release versions from master (and many pre-release version), the latest being 1.0.3.
For any new push to the master through PR, it's trying to create a new version 0.0.1 since it finds the previous_version as 0.0.0. Below is the log from one of the recent workflow run:

Run mathieudutour/github-tag-action@v5.1
with:
github_token: ***
dry_run: false
create_annotated_tag: true
append_to_pre_release_tag: ci
release_branches: main,master
default_bump: patch
tag_prefix: v
Previous tag was 0.0.0.
Analysis of 0 commits complete: no release
New version is 0.0.1.
New tag after applying prefix is v0.0.1.
Changelog is ## 0.0.1 (2021-01-28)

Start by reproducing the workflow configuration from the issue and inspect how the action discovers the previous tag. Compare the detected tag with the repository's existing release tags and verify that a merge producing a new release selects the expected version rather than 0.0.1.