How are inline-block vertically aligned?

Given the html
<section>
    <div class="a"></div>
    <div class="b">b</div>
    <div class="c"></div>
</section>
and the css
div {
  width: 2rem;
  aspect-ratio: 1;
  margin: .5rem;
  background-color: rebeccapurple; color: white;
  display: inline-block;
}
I would expect the 3 divs to line up horizontally, yet they do not: https://codepen.io/bjorn-pettersen/pen/xxeaaEg

What am I missing?
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