The issue was highlighted by a user reporting a broken panorama view. See the original report in German. At the end it turned out, that thumbs.php massively crops images while resizing it as preparation for the panorama tool.
See the following examples:
Original: https://commons.wikimedia.org/wiki/File:Stendal-Marktplatz-mit-Rathaus-und-St-Marien-IMG_5262-11x3B-360Gx180G-PanoS-19-05-2023.jpg
w3900: https://commons.wikimedia.org/w/thumb.php?w=3900&f=Stendal-Marktplatz-mit-Rathaus-und-St-Marien-IMG_5262-11x3B-360Gx180G-PanoS-19-05-2023.jpg (fine)
w4000: https://commons.wikimedia.org/w/thumb.php?w=4000&f=Stendal-Marktplatz-mit-Rathaus-und-St-Marien-IMG_5262-11x3B-360Gx180G-PanoS-19-05-2023.jpg (weirdly cropped)
It does not seem to happen with a different version of that image ( that already got a bit cropped ):
Original: https://commons.wikimedia.org/wiki/File:Stendal-Marktplatz-mit-Rathaus-und-St-Marien-IMG_5262-11x3B-eTHI3-GBE-360Gx180G-PanoS-wbk-19-05-2023.jpg
w3900: https://commons.wikimedia.org/w/thumb.php?w=3900&f=Stendal-Marktplatz-mit-Rathaus-und-St-Marien-IMG_5262-11x3B-eTHI3-GBE-360Gx180G-PanoS-wbk-19-05-2023.jpg (fine)
w4000: https://commons.wikimedia.org/w/thumb.php?w=4000&f=Stendal-Marktplatz-mit-Rathaus-und-St-Marien-IMG_5262-11x3B-eTHI3-GBE-360Gx180G-PanoS-wbk-19-05-2023.jpg (fine)
When I import the former version of the file to my local dev wiki and generate a thumb with the same parameters there's no issue. Could currently not upload it to the beta cluster to test it there.
Not sure if related to T282385: Certain PNG thumbnail sizes get cropped (one or two pixels missing)