I have been in MUC making a tight connection. Get up to the AC desk, gate agent scans the boarding pass, say. "Oh, you bags may not make it." types something into the computer, and says ok, they are going to make it and lets me board. I have this recently and several years ago. So the visibility is there and has been for some time.
I think the principle is you can not intentionality check bags into a specific flight and then no-show for boarding. The bags are removed. This is to avoid the Air India type event that happened out of Canada many years ago.
It is ok if you bags are separated from you and re-routed onto a different aircraft when done by the airline and the specific routing is outside the passengers control.