I would say that dhcpcd is correct and the DHCP server is not correctly configured.
Option 121 has to include every route (bar the implied subnet route for the address), including the default route. >From RFC3442 If the DHCP server returns both a Classless Static Routes option and a Router option, the DHCP client MUST ignore the Router option. Similarly, if the DHCP server returns both a Classless Static Routes option and a Static Routes option, the DHCP client MUST ignore the Static Routes option. Roy