There are no error messages related to this issue. The behavior is unexpected.
This issue is caused as designed.
'Maximum concurrent index tasks' is not intended to limit the number of indexing sub tasks that are running.
To limit the number of concurrent indexing sub tasks that will run at a time on an Enterprise Vault Server use the following Server setting:
Vault Administration Console => Enterprise Vault Servers => Server => Properties => Advanced => Indexing => Maximum concurrent indexing capacity.

NOTE: After changing this setting, a restart of the indexing service is required in order for the change to take effect.
The Advanced Site Setting for Indexing named 'Maximum concurrent index tasks' value is not being honored.
The result is that any attempt to limit the number of concurrent index sub tasks running concurrently by using this setting will not be honored.