It really shouldn't, since apparently (according to several youtubers/dataminers) Larian uses the "ceiling" of the map to preload a lot of assets not visible to the player.
Meaning that being able to point the camera upward would have hilariously bad results.
But I DO agree that you should have more freedom to move and tilt your camera in general (except not upward, for technical reasons).
I was not aware of that, this would indeed lead to hilarious results. Looking up and admiring the beautiful tree canopy, and suddenly, you see Halsin up there. Well, bears ARE good at climbing...