Oh, running with --debug-loading reports suggests that we're loading Jamroot when this error happens.
Indeed, here's what Jamroot says:
5a86ed2c Jamroot (Beman 2013-12-24 15:48:03 -0500 250) use-project /boost/tools/inspect : tools/inspect/build ;
51bc0b6a Jamroot (Eric Niebler 2014-01-15 09:20:43 -0800 251) use-project /boost/libs/wave/tool : libs/wave/tool/build ;
So it seems like the current behaviour was around for a while. I've checked in the below to develop:
https://github.com/boostorg/boost/commit/a7d89154ad4b9ab29a441d137d46c4e9b4933a91
Could you see whether it helped?