To test this, make sure to paste steps 2 and 3 in the console and execute them together. It works if there is a pause of what seems to be at least 17ms between the two (i.e. one animation frame). 

For example this works:

history.go(-1)

setTimeout(() => {
  history.replaceState({}, null, '/bar')
}, 17)

while this does not:

history.go(-1)
history.replaceState({}, null, '/bar') // incorrect entry has its state replaced

Try disabling chrome://flags/#browser-side-navigation and see if it helps.

unfortunately it did not. 

History API is in HTML spec, so moving DOM to HTML component.
Also adding UI>Browser>Navigation.

At a glance at spec
https://html.spec.whatwg.org/multipage/history.html#the-history-interface
there is no mention about how history.go() (or back/forward) can be
asynchronous or synchronous.

Anyhow this behavior differs from other browsers, marking as
Hotlist-Interop.

The spec for history.go() uses the "traverse the history by a delta" algorithm: https://html.spec.whatwg.org/multipage/history.html#traverse-the-history-by-a-delta

Step 5 is to queue a task to perform the history traversal. That strongly implies that it's permissible for the navigation to be asynchronous, so from a narrow spec-correctness perspective, this is working as intended.

That said, there's almost certainly room to improve the spec for this API. Some ideas I've heard floated that might help:
* Have a history operation queue, so that all operations are guaranteed to execute in-order.
* Make all history operations (including pushState and replaceState) async, and have them return a promise.