Here is a screen shot of the transparency name label on players and objects.
I think it's missing the black stroke on the fonts, only the fill was rendered.
https://imgur.com/Sm0bRv6https://imgur.com/Sm0bRv6
Below with dx11 turned off, you can see the text has a black stroke and the fill opacity at 100%.
https://imgur.com/WdxOCYU (dx11 off)
https://imgur.com/dcZM2xQ (dx11 on)