While it isn't exactly a big deal, it's still an issue. I've had a "Breezy Coverup" locked in my inventory for a couple days, since I accidentally bought it, and saw it pop up on the shrub a few times. Figured I'd pass it along.
I finally saw another wish for one pop up a few minutes ago. I clicked it, and got the error saying I didn't have any of that item. Nbd, I'll go unlock it. It wasn't in my inventory. Account search didn't find it, and it wasn't accidentally sold according to my sale logs.
I went back to the shrub and viewed the wishes, only it showed me the full list (implying the wish got granted), and the counter in my achievements had increased +1.
So basically: Wishing Shrub doesn't care if an item is locked in your inventory This can be bad in case someone accidentally clicks the wrong item (which would be an unlikely, but not impossible, situation)