If the content for the checkbox of the checkout terms and conditions contains HTML, then HTML code will be displayed instead of being interpreted. Iin earlier magento versions html was interpreted.

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@Webroju do you confirm that you was able to reproduce the issue on vanilla Magento instance following steps to reproduce?
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@Webroju while creating terms and conditions the field name Checkbox Text is clear that it would be Text so in that reference this is not bug. I will take opinion from maintainers also about this issue.
@shikhamis11 I understand what you mean, but the knockout.js say it has to interpreted as html, or I'm wrong?
@Webroju as I said since the label already explained that it is text for terms and conditions so it will not be converted. It seems it is expected behaviour.
the current behavior is not legal in Germany, because if I want to integrate certain terms & conditions in the contract, I have to link to the document, it would be nice if you reconsider your position.
@Webroju you can add your html content inside the content field . while click on the Checkbox Text the content section will be opened in popup where you can add your details
Ok this is not nice, but it will work. Thanks for your help!
@Webroju: just for some extra info, the reason why this was changed in Magento 2.2.8 is probably because a security issue was found and fixed.
See https://magento.com/security/patches/magento-2.3.1-2.2.8-and-2.1.17-security-update (search for PRODSECBUG-2184).
@hostep: Thanks for the info.
According to their own bounty program Cross-Site Scripting (XSS) bugs in the admin interface (URLs containing /admin/) where the code is only executed in front-end context but not in admin context. Merchants are explicitly allowed to use active content when designing their stores, so this is a required feature. The admin XSS capability does not give the administrator any additional powers to do harm beyond what other administrative features already allow. XSS issues where an administrator with limited access can impact other administration pages are valid.
Therefore the ability to add HTML to something that's output on the front-end of the site is not a security concern. Whilst I agree with @hostep that it was probably the attempt to fix PRODSECBUG-2184 that led to this "break", it's not a valid reason to remove the "feature".
@pocallaghan Have you got any chance to revert it back ?
Most helpful comment
@Webroju: just for some extra info, the reason why this was changed in Magento 2.2.8 is probably because a security issue was found and fixed.
See https://magento.com/security/patches/magento-2.3.1-2.2.8-and-2.1.17-security-update (search for
PRODSECBUG-2184).