Ref T12793. I'd like to understand exactly when we broke this, but this seems to be a minimal fix that shouldn't do anything surprising.
When you move document /a/ to /a/b/ and that path doesn't exist yet, the Content transaction currently fails because there's "no content". The content gets added later by the "move" transaction but this is implicit.
To make this work, just ignore the "missing field" error. This is a little roundabout but unlikely to break anything in weird ways.