Reproduction steps:
1. Open the attached “Repro.zip” project
2. Set the “BatchRendererGroup Variants” field to “Strip All” located in the Project Settings window under Graphics (Edit > Project Settings > Graphics > Shader Stripping)
3. Select the “Build Asset Bundle” option located under the “Assets” category in the Menu Bar
4. Observe the “Asset/AssetBundle/test” Asset Bundle’s modified date using File Explorer
5. Set the “BatchRendererGroup Variants” field to “Keep All” located in the Project Settings window under Graphics (Edit > Project Settings > Graphics > Shader Stripping)
6. Select the “Build Asset Bundle” option located under the “Assets” category in the Menu Bar
7. Observe the “Asset/AssetBundle/test” Asset Bundle’s modified date using File Explorer

Expected result: The Asset Bundle is rebuilt and the file’s modified date reflects it
Actual result: The Asset Bundle hasn’t been rebuilt and the file’s modified date shows an old date

Reproducible with: 2021.3.30f1, 2022.3.9f1, 2023.1.13f1, 2023.2.0b9, 2023.3.0a5

Reproducible on: Windows 10 Pro (22H2)
Not reproducible on: No other environment tested