Why call to function through a constexpr function pointer is not inlined?

When the following code is compiled with the latest MSVC compiler, the call to the function foo is not inlined. Is there a valid reason for this, or is it a compiler deficiency?

template <auto V>
struct Wrapper
{ 
    static constexpr decltype(V) VALUE = V; 
};

void foo(int i) { std::cout << i; }

template <typename T>
void bar(T) { T::VALUE(8); }

int main()
{
    bar(Wrapper<&foo>());
}