DC offset was not checked, but I have checked it and re-bounced and am seeing the same result.
The resulting WAV does
not sound like the source track (I'm bouncing 'raw track') but doesn't sound 'corrupted', it just sounds off, deader.
I tried a 'What You Hear' bounce with the track going straight to the sound card (no bus) and... same result.
I tried an export to desktop and imported it back in and... same result.
I will say this: I didn't experience this problem when bouncing a pad with FM8 the other day in another project.