So I noticed when pulling items from the camp chest container that the carry limit is ignored. You still become heavy encumbered and can't climb, jump, etc... but the game wont stop you from taking items beyond your limit. (So long as you have the strength to pick the item up in the first place).
I then noticed the bug is not limited to the camp chest. And in fact, if one drops a container (backpack or pouch) on the ground, companions can exchange items using the container as a proxy to bypass the carry limits.