Thank you. Digging deeper, the HTML is fine and it turns out there is a styling issue for us where the following style now has a higher priority: li { list-style: none } Since we are using outdated theme code, I am going to assume this is our own issue for now. Thank you again for pointing me in the right direction. I think you can close this ticket.
Note: In case this isn't globally an issue, it is occurring in edx projects like: https://github.com/edx/edx-toggles/blob/d00ef3bc902d35e4131d374acb5ae1ce00af7b33/requirements/doc.txt#L59.
Bullets broken in rST on 0.17