When creatures die with Bleed Out active, all sources of resurrection will be “consumed” in the process, including Rebirth or the spell Reincarnation. These are the only two I’ve tested with but I imagine any kind of resurrection that can be applied in advance will have the same issue.
Essentially any pre-applied resurrection is useless with Bleed Out still active because dying will activate Bleed Out regardless. This is especially bad with Reincarnation since the resurrection half of the spell is effectively removed. Additionally I’ve noticed some weirdness when this happens, as it seems sometimes (maybe not all the time?) the health from the secondary source of resurrection (not Bleed Out’s 100%) will be used, and Bleed Out will activate anyway potentially even killing the creature with the 50% max health damage.
If this happens with Reincarnation for example, the creature would be killed, revive with whatever amount of health provided by Reincarnation—lets say 40% for the argument—take 50% max health damage from Bleed Out, and die again. During this the single activation of Bleed Out is consumed, and Reincarnation works properly moving forward.
This could be intended, but there at least seems to be something wonky happening with health somewhere along the way. Sorry I can’t provide any more specific information.