Thanks for the ideas, dachay.
In my test, I just opened up the stereo track in a new project, so everything's set at 0. I was also thinking that it could be some sort of comb filtering or that maybe I didn't understand how the peak meter worked and that it was doing stereo summing to figure out the peak value. But, no... My Master Bus peaks right along with each individual track. So, when my L track peaks up to 0.4, the Master does. Then my R track peaks up to 0.6, and the Master follows suit. At the end, my Master shows a held peak of 1.0, same as the greater of the individual track peaks.
Don't know if this sheds any light on matters, but I found it interesting... I just tried a different Bounce to Track(s) where I chose "Mix Stereo Content to Mono", and it peaks right at 0 with no clipping. Also interesting is that when I do a Bounce to Track(s), it says "Mixing Down Audio" and takes some time to process it. If I have a stereo track, wouldn't splitting the L/R channels to separate L/R tracks be a instant thing? Well, in the immortal words of Vinny Barbarino of
Welcome Back, Kotter fame, "I'm so confused..."