I believe this due to an edge case of 'module': when there is only one form provided, it is partially expanded to determine if its expansion would lead to a #%plain-module-begin form. Otherwise (more than one form provided) they are wrapped in #%module-begin with no partial expansion occurring.
If a single form is provided, then it is partially expanded
in a
module-begin context. If the expansion leads to
#%plain-module-begin, then the body of the
#%plain-module-begin is the body of the module. If partial
expansion leads to any other primitive form, then the form is wrapped
with #%module-begin using the lexical context of the
module body; this identifier must be bound by the initial
module-path import, and its expansion must produce a
#%plain-module-begin to supply the module body. Finally, if
multiple forms are provided, they are wrapped with
#%module-begin, as in the case where a single
form does not expand to
#%plain-module-begin.