https://www.wikidata.org/w/api.php?action=wbparsevalue&datatype=time&values=1994-02Z
gives
{ "results": [ { "raw": "1994-02Z", "value": { "time": "+1994-02-01T00:00:00Z", "timezone": 0, "before": 0, "after": 0, "precision": 11, "calendarmodel": "http://www.wikidata.org/entity/Q1985727" }, "type": "time" } ] }
Per the definition in mw:Wikibase/DataModel the default values for month and day should be 00 and not 01. So instead of "time": "+1994-02-01T00:00:00Z", it should be "time": "+1994-02-00T00:00:00Z". Looks like the Z is triggering it, because https://www.wikidata.org/w/api.php?action=wbparsevalue&datatype=time&values=1994-02 does give the right result.