Edit: I've just tried it in Chrome (enable [0] and [1] or [2]), and it's a disorienting user experience. As a matter of fact, I also just tried it in Safari, where I have similar complaints (but, again, it's easy to disable there).
[0]: chrome://flags/#omnibox-ui-sometimes-elide-to-registrable-domain
[1]: chrome://flags/#omnibox-ui-reveal-steady-state-url-path-query-and-ref-on-hover
[2]: chrome://flags/#omnibox-ui-hide-steady-state-url-path-query-and-ref-on-interaction
It does not do anything like obfuscating where the document comes from, like Chrome on Android does to hide the fact that they are serving AMP pages.
13.1.1 (15609.2.9.1.2)
Is there any chance you've checked "Preferences > Advanced > Show Full Website Address"?