ArcGIS Pro 3.2.1 does not display a previously georeferenced TIF image in the correct location when added to a map.

Workaround

Using the world file:

1. Remove the image from the map.
2. Set ArcGIS Pro to use an external world file:
   1. Settings > Options > Raster and Imagery > Raster Dataset > Tick the “Use world file to define the coordinates of the raster” option box.
3. Re-add the image to the map.
4. The image should now be in the correct location.

Note: If the image does not have a world file, or the world file is incorrect, a new one can be generated by opening the image in ArcGIS Pro 3.1.3 or earlier, or in Arc Desktop. Use the Export Raster World File tool (Data Management Tools) to create a new world file.

Removing the associated .aux.xml file has also fixed the issue. 

Steps to Reproduce