One problem with connecting the X0 of a reverse fed wye is when unbalanced currents flow, such as when the utility has a phase loss. By forcing the wye point to stay as a neutral point, rather than float around, the transformer draws increased current on the X0 to source neutral conductor.
Agree with Jim 100% here. This is a common wiring mistake, and in "normal" conditions, bonding the X0 maybe won't lead to a disaster straight away - but it can cause unbalanced current to flow (in the neutral / EGC) and create unnecessary heat in the transformer.
There will always be small imbalances between the neutral to line voltages on the POCO mains. As these 3 slightly different voltages energize the primary side of the transformer (along with tiny differences in the transformer's 3 primary winding impedances) they will create a new transformer X0 that might not be
exactly at the same potential as the POCO X0. So you don't want to tie them together. You don't need it - let the X0 float.
I like to think of X0 like the X=0, Y=0 origin on a piece of graph paper when you draw a nice symmetrical 3 phase set of Wye vectors. The POCO X0 and the new primary X0 in the transformer will never line up exactly. They will normally be close, but the "real world" will cause them to be offset and never perfectly aligned.
In "normal" conditions, if they are connected, the POCO source will be the bully, and fight hard (by creating current flow) to draw both X0 points together. And an important thing to remember, regardless if the X0 bond is via a neutral or EGC, there is typically no over-current protection on that conductor.
If the POCO dropped a phase, then those are certainly "abnormal" conditions and odd things can result. What I think would happen here is that the primary Wye windings in the transformer will try to create the dropped phase voltage. The Secondary will still see all its three windings fired up (because it's a closed Delta) and that can magnetize the winding back over in the primary that is NOT being fed by the POCO, energize it, AND reverse feed all the loads back in the mains (and maybe even back into the POCO world?). This would be a very unbalanced situation and the POCO and transformer midpoints (X0) will absolutely get pulled farther apart than normal, with objectionable current flow between these 2 midpoints. This will create abnormal current in a conductor (or the steel in an RGC/EMT if that is the EGC) that has no path thru a circuit breaker to stop it. And often times that conductor is undersized to boot.
I did an experiment a few years back in my shop to supply a Wye - Delta transformer only 2 of 3 phases and a neutral to see if it would generate the 3rd phase on the unconnected Wye winding . It absolutely did. Ran a little 3 phase motor just fine.
That's my 2 cents, feel free to poke holes if you see them.