Today I got awarded an Investor badge:
... but the new notification system didn't show me no shiny grey (1) (or show me it at all...):
(it's not any further down, I promise)
Needless to say, I'm very angry:
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It's likely that the badge is hidden for veterans (i.e. users who have a 200-rep account somewhere on the network) in order to prevent clutter (which was implemented previously due to excessive notification bars). Other badges such as Autobiographer and Analytical are also hidden in this way.
I don't see any reason to change this behavior just because the notifications are crammed into a tiny box now instead of notification bars. Notifications are really meant to notify you that something has happened that you might not have expected. Offering your first bounty on a question: quite expected.