Strange code deletion note

(declaim (inline test test-2))

(defun test-2 (n address &optional (offset 0))
  (declare (sb-ext:muffle-conditions sb-ext:compiler-note))
  (ecase n
    (1 (sb-sys:sap-ref-8 address offset))
    (3 (sb-sys:sap-ref-32 address offset))))

(defun test (n stream)
  (declare (sb-ext:muffle-conditions sb-ext:compiler-note))
  (test-2 n stream))

(defun foo (stream)
  (the (unsigned-byte 8) (test 1 stream)))

; in: DEFUN FOO
; (THE (UNSIGNED-BYTE 8) (TEST 1 STREAM))
;
; note: deleting unreachable code

Removing THE (UNSIGNED-BYTE 8) gets rid of it, calling test-2 directly gets rid of it too, as does calling (test 3 stream).