although I would agree with 608.2b in most cases, I see no reason why the spell would be considered targeted. 115.1a states it would be targeted if the spell identified a target the spell would affect. However, this spell targets something it will not affect, and therefore is not targeted, rules as written.

115.1a An instant or sorcery spell is targeted if its spell ability identifies something it will affect by
using the phrase “target [something],” where the “something” is a phrase that describes an
object and/or player. The target(s) are chosen as the spell is cast

Not a bug. If you cast the spell with a target, it becomes a targeted spell and falls under the rules that govern those. And those rules state, that if a targeted spell has lost all legal targets when it tries to resolve, it will get countered by the rules and NONE of its effects happen. If you want to avoid that, do not choose a target, making it an untargted spell.

608.2b If the spell or ability specifies targets, it checks whether the targets are still legal. A target
that’s no longer in the zone it was in when it was targeted is illegal. Other changes to the game
state may cause a target to no longer be legal; for example, its characteristics may have changed
or an effect may have changed the text of the spell. If the source of an ability has left the zone it
was in, its last known information is used during this process. If all its targets, for every instance
of the word “target,” are now illegal, the spell or ability doesn’t resolve. It’s removed from the
stack and, if it’s a spell, put into its owner’s graveyard. [...]