False positive error "incompatible type"

For this code:

from typing import Any, Generic, TypeVar

T = TypeVar('T')


class EtcdValueWatcherTyped(Generic[T]):
    def __init__(self):
        pass


class EtcdValueWatcher(EtcdValueWatcherTyped[dict[str, Any]]):
    pass


class SettingsWatcher(EtcdValueWatcher):
    def __init__(self, arg1: str):
        self.__arg1 = arg1
        EtcdValueWatcher.__init__(self)


def main():
    watcher = SettingsWatcher('/v1/qwe')

mypy outputs error:

test.py: note: In member "__init__" of class "SettingsWatcher":
test.py:19: error: Argument 1 to "__init__" has incompatible type "SettingsWatcher"; expected "EtcdValueWatcherTyped[T]"  [arg-type]
            EtcdValueWatcher.__init__(self)
                                      ^
Found 1 error in 1 file (checked 1 source file)

which is false positive.

• Mypy version used: mypy 0.971 (compiled: yes)
• Mypy command-line flags: mypy --config-file ./mypy.ini ./test.py
• Mypy configuration options from mypy.ini (and other config files):

[mypy]
ignore_missing_imports = True
show_error_codes = True
show_error_context = True
pretty = True
no_site_packages = False

• Python version used: Python 3.10.6
• Operating system and version: Fedora 35

Run the supplied Python 3.10 reproducer with mypy 0.971 and confirm the false-positive [arg-type] error on the explicit EtcdValueWatcher.init call. Investigate generic inheritance and constructor checking in the type checker, then add a regression test based on this example. Done means the valid call produces no incompatible-type error.