Is this a Chrome bug
Yes, it is. See, for example, these:
Based on a lot of testing, 54px is the current maximum font size for emoji. But I will not give up hope :)
Update October 2018:
The maximum font-size for emoji in Mobile Chrome 69 is 146px.
Screenshot:
https://app.crossbrowsertesting.com/public/ib8393c20a124bac/livetests/14400380/snapshots/z66ee2a9e2217b4cad00
If you set it to 147px, the emoji are not rendered properly:
https://app.crossbrowsertesting.com/public/ib8393c20a124bac/livetests/14400384/snapshots/za103323111cb78aeff2
Some additional info regarding other mobile browsers: https://tobireif.com/posts/maximum_font_size_for_emoji/
Update November 2020:
Desktop Chrome (tested on MacOS) has a bug:
https://bugs.chromium.org/p/chromium/issues/detail?id=1153296
Emoji get cut off at certain sizes (more info in the bug report).
Emoji look great eg at font-size 120px.
There doesn't seem a limit to the font-size for emoji in Mobile Chrome 83.
On an Android tablet, Mobile Chrome renders emoji up to eg font-size 700px. At that size the emoji are blurry, but at font-size 120px and lower they look OK, and at font-size 80px and lower they look great.