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This bug comes from a meeting with Stephen Tweedie where we decided to split this use case from bug#1654738 and solve it separately.

In bug#1654738 we solved a use case that module install N:S/P must take hotfixes in consideration when installing a profile.

It's still unclear if installing older versions should be supported
(module install N:S:V/P -> install older RPMs) and how it should work with hotfixes.
Another option might be to drop possibility to provide a version from command line and disable the use case completely.

I think that issue was already solved by using --best as a default behavior of DNF. From my point of view it is not a bug. Please are there any other concerns?