Is the priority of !$ over $() defined in some documentation?

GNU bash version 5.0.16(1)-release

This is a test case based on a script I'm using in my project:

#!/bin/bash -i
echo "!$(tput sgr 0)"

I expect output to be just

!

But in fact I see the following as output of this script:

echo "#!/bin/bash -i(tput sgr 0)"
#!/bin/bash -i(tput sgr 0)

This is a bit strange result to get and I was wondering whether it is a bug of bash or not

When I rewrite the script like this

#!/bin/bash -i
echo -n "!"
echo "$(tput sgr 0)"

the script works as expected.