It's an absolute URL, and it's missing the domain.
Actually, the semantics of a URL depend entirely on the scheme.
I recommend you read up on URI scheme.
In this case, the scheme is href, which is one we've defined here at PerlMonks;
its semantics do not include the specification of a domain.
It seems that you were assuming that the semantics of href should and must be identical to those of http. That assumption is incorrect.
... since a piece of text is not specifically tied to a page.
I'm having trouble making sense of that statement.
the URL it prints simply does not work.
Odd. You're the first and only person to have problems with it.
Wait -- Did you trying putting it directly in your browser address bar?
Of course that won't work. It needs to be interpreted by the PerlMonks rendering engine.
To do that, you must insert the link (including the square brackets) in the text of a post or cb message.
I reckon we are the only monastery ever to have a dungeon stuffed with 16,000 zombies.