Follow-up Comment #3, bug #50300 (project make):
I think you overlooked the reference to ".POSIX target":
$ cat Makefile
.POSIX:
$ gmake -pq | grep ^CFLAGS
gmake: *** No targets. Stop.
CFLAGS := -O
$ gmake --version
GNU Make 4.2.1
...
Philip Guenther
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