I am fairly certain this is a recent change.
Result: The entire entry “pops out” above the entry, and the contextual menu (“Copy”, “Show in Large Type”, “Open”, “Open in Browser”, etc.) is far from where you tapped.
I frequently copy an URL to “Open in Browser” because I usually don’t like using the in-app browser. On a 12.9-in. iPad Pro, having the contextual menu display far from where I tapped is a less than ideal UI experience. I do not understand the benefit of the entry popping out. I think this is a recent change, as I do not recall the entries popping out, and the contextual menu always appeared where my finger was.
1Password Version: 7.7.7.
Extension Version: Not Provided
OS Version: iOS/iPadOS 14.7.1