Why aren't nested overrides being scoped and recreating a new instance of its parent?

riverpod_nested_overrides.dart

import 'package:flutter/material.dart';
import 'package:flutter_riverpod/flutter_riverpod.dart';

class App extends StatelessWidget {
  const App({Key? key}) : super(key: key);

  @override
  Widget build(BuildContext context) {
    return ProviderScope(
      child: MaterialApp(
        home: Scaffold(
          body: Center(
            child: NestedWidget(),
          ),
        ),
      ),
    );
  }
}

final overridableProvider = Provider<String>((_) => throw UnimplementedError());

final dependantProvider = Provider<String>(
  (ref) {
    return 'Received arg: ${ref.watch(overridableProvider)}';
  },
  dependencies: [overridableProvider],
);

class NestedWidget extends StatelessWidget {
  @override
  Widget build(BuildContext context) {
    return ProviderScope(
      overrides: [overridableProvider.overrideWithValue('OVERRIDED VALUE')],
      child: Consumer(builder: (_, ref, __) {
        final val1 = ref.watch(dependantProvider);

        return ProviderScope(
          overrides: [overridableProvider.overrideWithValue('OVERRIDED VALUE 2')],
          child: Consumer(builder: (_, ref, __) {
            final val2 = ref.watch(dependantProvider);

            return ProviderScope(
              overrides: [overridableProvider.overrideWithValue('OVERRIDED VALUE 3')],
              child: Consumer(builder: (_, ref, __) {
                final val3 = ref.watch(dependantProvider);

                return Text('$val1\n$val2\n$val3');
              }),
            );
          }),
        );
      }),
    );
  }
}