Okay, figured it out.

I don't have a real dummy load, but a BNC terminator with 50 Ohm. This one
is rated for only 0.5W, which I used as PWR setting.

The SWR bargraph (while TUNE is active) start to appear when I use a TX
power of 0.4W ... 0.5W.  However, the SWR display (e.g. "6.6-1") in the
VFOA display only appears above 0.7 .. 0.9W PWR setting.
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