Despite being inconsistent with the GUI volume and in a sense even with itself, this is the new "expected current behavior" for the OSD's volume feedback. Your choices are to configure the GUI volume to also stop at 100% and maybe also configure that that your true maximum volume, or accept the dissonant and less useful feedback.
There is no configuration at all for the OSD's volume behavior.
Alternatively, you can go back to version 2.0.8 [ http://download.videolan.org/pub/videolan/vlc/2.0.8/ ] which was the last version (with a windows release at least) to show a bar in the OSD representing the full range of volume. It's a mixed bucket however, as newer versions do seem to offer better overall audio quality and linearity of perceived volume (at least in my configuration).
In either case, you will most likely find frequent need to use volume levels well above 100%. I find in 2.0.8 that for most videos 100% volume is a just-adequate baseline volume for a very quiet room. In newer versions that baseline is closer to 85%, but it's still quite normal to need up to 150% and that's not even competing with other loud noises.
Using standard compression and/or preamp instead may give you adequate volume range between 0 and 100% (which would let you limit to that range and configure GUI and true limit to stop at 100 and at least be consistent and intuitive), but likely at the cost of dynamic range and/or audio quality even on audio that would not need to be amplified past 100% in the first place. It depends on your needs. I use compression to explicitly reduce dynamic range as I've no interest in being bombarded with loud noises nor straining to hear. I'd far rather have consistency, and theatrics or mood be dammed.