Patrick, thanks for the link. I've had my bimi up for months (since Sept 23, 2023) and it verifies sans VMC as good through several different third party bimi checking websites.
My understanding per the bimi protocol is that we should see data in the header tagged with the bimi hyperlink.
Since bimi seems to be working for you and you've confirmed that there are no lines for bimi in your headers in emails between domains on the same SM server it seems to me a decent assumption that SM isn't following the bimi protocol for these types of emails but pulling the image directly out of C:\Program Files (x86)\SmarterTools\SmarterMail\Service\wwwroot.
I could be on the wrong track but how does SM know which image to pull if there is no bimi path in the header? Maybe a naming convention per domain on the SVG in the file directory? I spent a little time searching for this in the knowledge base but haven't had any luck.
It would be helpful in troubleshooting for some communication from SM directly how they are handling so I'm not making assumptions.