Haskell profiler with -O2

I had a puzzling Haskell experience today.  I was profiling a program and was curious about a function 'new'.  The profiler said it was called 29 times, though I found that hard to believe.   I added a print statement that showed it is called twice.  After being confused for awhile, I finally realized it might be an effect due to the optimizer.  I turned optimizations off (-O2 to -O0) and it went back to 2 calls.  I don't fully understand the so-called Constant Applicative Form (CAF) centers, but I'm still surprised, even with aggressive inlining that it could occur so frequently.  Perhaps it can still count as a call if the inlined body is in a (partially evaluated) thunk.