Allowing group management to users with limited permissions
Yes, this is a shortcoming in the current acl system.

One possible workaround for this might be to implement the post hook on the civicrm_group object. The post hook can take the contactID of the person creating the group and add an ACL giving this person access to the group.

You can implement the above hook in an extension. Probably worth considering including this in core need on a setting