I actually didn't think this was a bug. I thought you just didn't think too much about how these things interact with each other, so an oversight in designing rather than a software bug. Looking at what Snoopah said below you did think about this and that's great!
So I think I got confused because normal drops and things like shiny objects and exit keys are handled differently. Psychic can pick up the former (I didn't know it was psychic, I thought it was just how "can't touch that" works with bound hands in general until I saw Snoopah's reply) but not the latter.