This seems like a bug to me. It is a visible behavior because several package-management systems (RubyGems, Bundler, stuff in Ruby switchers like RVM) use this value, rather than RUBY_VERSION, to set up directory paths.
I believe it should reflect the full, accurate version, but I have not been able to find any discussion about why it does not do so.
If the version with 'teeny' was used, one would be recompiling extension gems everytime a 'teeny' release was done?
Which IMHO is a safer thing to do, but I suppose some people disagree and it depends on the point of view :)
FWIW, I created https://github.com/postmodern/chruby/pull/410 so chruby would have a set of gems per installed Ruby version,
even if RUBY_VERSION or RbConfig::CONFIG["ruby_version"] doesn't change for alternative Ruby implementations between two releases.
It was introduced to make possible parallel install e.g. two Ruby 2.6.0 side by side. Later somebody start to interpret it and add it different meanings, but it was never correct thing to do, therefore I would suggest against using ruby_version for anything meaningful. I tried to have this resolved by #11002, but the result was never satisfactory.
Ok, if this is supposed to map the the ABI version, then I guess we'll leave it as is. It doesn't really have the same meaning on other impls, and I agree with Vit that it shouldn't be used for other purposes (like it seems to be used in RubyGems).