Change volume in small increments

Holding shift+option and using the volume media keys to change volume by small increments has worked for years in Mac OS X. It seems to no longer function since upgrading to 10.12 (Sierra). Is this a bug?

If not and the key functionality was removed because the key combo is too convoluted (it's a little odd, but you get used to it with muscle memory pretty quickly), then why not add a checkbox in the Sound preferences panel to use the smaller increments when adjusting volume with keys. If you listen to music when you work then having to use the volume slider in the menu bar 100 times a day is a pretty poor user experience.