ImageOverlay behaviour with WG84 rasters

I have a non-expected result when using this code (the raster used is attached to this message):

raster_path = '2019-06-15.tiff'
with rasterio.open(raster_path) as src:
    raster_data = src.read(1)
    bounds = src.bounds
    
m = folium.Map(location=[(bounds.top + bounds.bottom) / 2, (bounds.left + bounds.right) / 2], zoom_start=10)

# Create an ImageOverlay
img_overlay = ImageOverlay(
    image=raster_data,
    bounds=[[bounds.bottom, bounds.left], [bounds.top, bounds.right]],
    opacity=0.6,
    interactive=False,
    cross_origin=True,
    zindex=1,
    mercator_project=True
)

# Add the overlay to the map
img_overlay.add_to(m)

m.save('map.html')

Indeed, my result html map presents shapes that are not consistent with the same map I could have just by using QGIS.

For instance the result of this code gives this in a specific region:

while using QGIS in an EPSG:3857 projection system gives this:

My raster has natively an EPSG:4326 projection system. I suspect the issue comes from how ImageOverlay changes the projection system.

Can anyone reproduce this and explain how I could obtain the same result as in QGIS which is the correct reference for me?

Thanks,
Vivien

2019-06-15.zip

Start by reproducing the supplied TIFF example with rasterio and folium.ImageOverlay, then compare its EPSG:4326 handling with the EPSG:3857 QGIS result. Read the ImageOverlay projection and bounds behavior alongside Leaflet's image-overlay expectations; done means the discrepancy is explained and the issue's expected rendering or limitation is documented.