There's an incompatibility in the Rails vs Bundler-generated bin/bundle binstub.
Futher, other Bundler-generated binstubs (e.g., bin/rspec) generated by older versions of Bundler don't play well with those generated by Bundler v1.16.
The older rspec-old.rb was generated by an older version of Bundler.
Using the Gemfile.lock as a guide, I'd guess it was Bundler v1.13.7.
The current rspec.rb was generated by Bundler v1.16.0.
The older bundle-old.rb was generated by Rails as part of the original rails new, circa Dec 11, 2015.
That was Rails v4.2.5, and the Bundler being used then (based on the Gemfile.lock) was v1.10.6.
A new Rails v5.1.4 will generate an identical bin/bundle to this one, as confirmed by bin/rails app:update:bin.
The current bundle.rb was generated by Bundler v1.16.0.
It's unclear, to this developer, anyhow, which bin/bundle we should be using?
It sure seems we need the Bundler-generated version for things to work with other Bundler-generated binstubs.
But then why do we have the Rails-generated binstubs at all?
Perhaps some advice, at least, in the Rails guides, and/or in Bundler's docs would be helpful?