When you mute a conversation, new messages added to the conversation bypass your inbox so that the conversation stays archived.Muted conversations will only pop back into your inbox ready for your attention if a new message in the conversation is addressed to you and no one else, or if you're added to the "To" or "Cc" line in a new message.
OK, that sounds well and good ... but neither of those conditions is true. The conversation is in an email list and none of the messages are addressed to me.
I can only guess that there is a header that has your name/address on it. How else would the message get delivered to you?
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The help states that the mute is off if you are added to the TO and CC lines; which implies to me that not only THAT message is unmuted, but all future are unmuted as well. Is it possible there is a message back in the thread that matched that, or that you've replied to (it's my understanding that replying unmutes as well and requires a specific re-mute)? Otherwise, I'd say it's a new bug and you should report it.
Interesting... if the label Muted was on it, I don't think it got unmuted, just displayed... Hate to say this, did you try clearing cache and cookies? I've had messages I KNOW I archived still show in inbox, until I did that. Something in my local system was still managing to show them... very weird.
That brings up an interesting point. If you're using conversation view (I can't imagine Mute working without it, but...) it's a common mistake (I make it all the time) to think of threads as labeled, when in fact it's individual messages that are labeled.
That's an idea... turn off conversation view and see which messages of that thread are ACTUALLY in the inbox when it happens next. Then you can focus on anything different about them.