Reported at: https://en.wikipedia.org/wiki/Wikipedia:VisualEditor/Feedback#Link_formatting_trick
Simplified test cases here:
[subbu@earth lib] echo "[[Foo|'foo']]" | node parse | sed "s/foo/<i>foo<\/i>/g;" | node parse --html2wt
[[Foo|'''foo''']]
[subbu@earth lib] echo "[[Foo|'foo']]" | node parse | sed "s/foo/<b>foo<\/b>/g;" | node parse --html2wt
[[Foo|''''foo'''']]
Version: unspecified
Severity: normal