This issue was observed in rs6000 specific PR102658 as well.
I've looked into it a bit, it's caused by the "conditional store replacement" which
is originally disabled without vectorization as below code.
/* If either vectorization or if-conversion is disabled then do
not sink any stores. */
if (param_max_stores_to_sink == 0
|| (!flag_tree_loop_vectorize && !flag_tree_slp_vectorize)
|| !flag_tree_loop_if_convert)
return false;