There is an issue affecting referencing/importing georeferenced data (Point Clouds, Digital Elevation Models in any format).
If the source data and the DGN file have a coordinate system (it may be the same) then elevations will be wrong.Depending on the data/use case, the offset may be large or less detectable.
Affected versions: all
The Coordinate System has to be removed from data before import.
If you encounter this issue, please log a Service Request to raise the issue priority.