Impact decal not rendering properly

When shooting a surface, the bullet decal appears as a thin line rather than the circular impact shown in the material asset.

Regression:
YES - in 4.10.4 the decal appears as shown in the material asset

1. Open Shooter Game project in 4.11
2. PIE
3. Shoot at the ground

Result:
Bullet decal appears as a stretched line.

Expected:
Bullet decal shows as a small circle as shown in the M_Impact_Decal asset

Repro Rate:
3/3