SSD1306 OLED Display brightness doesn't go to 0

The problem

After upgrade to 2024.5.4 the OLED brightness doesn't go lower then aprox. 40%, either switch off doesn't work. Display always lights. Previous working version was someone from past year.

Which version of ESPHome has the issue?

2024.5.4

What type of installation are you using?

pip

Which version of Home Assistant has the issue?

2024.5.5

What platform are you using?

ESP8266

Board

d1_mini

Component causing the issue

ssd1306_i2c

Example YAML snippet

display:
 - platform: ssd1306_i2c
   model: "SH1106 128x64"
   id: oled
   update_interval: 2s

   pages:
...

light:
 - platform: monochromatic
   name: "$devicename brightness"
   output: oled_bc
   restore_mode: ALWAYS_ON
   gamma_correct: 1

output:
 - platform: template
   id: "oled_bc"
   type: float
   write_action:
      then:
       - lambda: id(oled).set_contrast(state);

Anything in the logs that might be useful for us?

No response

Additional information