The pegs don't lift up because you have your foot pushing it down when you're leaning over. The idea is to position your foot correctly so it's on the edge of the peg and your toe sliders will hit the deck before your peg. I've had the peg dig in on the road and it lifted the rear but I managed to stay on, tis rather scary!
Even with yer foot on it . it will come up .. and the picture you put up is an aftermarket peg with no hero blobs . and the damage is on the face of the peg so unlikley from cornering hard . The weight of the bike and you pushing against the ground with hero blobs will push the peg up but there is a limit of how far the peg will go