Yes I called it from chat as I tried to respawn a 2nd time and couldn't actually respawn at the camp due to the cooldown (the camp itself was fine). Done it a few times and always happens.
Can confirm the same. I wanted to try something in one of my addons recently, so I set up a forward camp, ran towards a horde of enemy players, respawned at the forward camp, ran there again and it still would show that the time is 0, but when I actually tried to respawn again it would show an alert that I am on cooldown.