No diagnostic is required for programs with Undefined Behaviour, except where specifically mentioned. So it's not wrong to accept this code.
In general, it's not possible to know whether the same volatile storage is being accessed multiple times between sequence points (consider a function taking two volatile int* parameters, without restrict, as the simplest example where analysis is impossible).
That said, when you are able to detect a problematic situation, users might find it helpful, so I encourage you to work on getting a diagnostic out.