I submitted a bug report at the Sourceforge page.
A temporary workaround would be to put the following into your preamble:
\makeatletter
\def\tikz@nodepart@continue{%
\global\let\tikz@fig@continue=\tikz@fig@continue@orig%
% Now start new box:
\expandafter\setbox\csname pgfnodepart\tikz@nodepart@name box\endcsname=\hbox%
\bgroup%
\tikzset{every \tikz@nodepart@name\space node part/.try}%
\expandafter\tikzset\expandafter{\tikz@nodepart@options}%
% ---- begin added lines
\ifx\tikz@textopacity\pgfutil@empty%
\else%
\pgfsetfillopacity{\tikz@textopacity}%
\pgfsetstrokeopacity{\tikz@textopacity}%
\fi%
% ---- end added lines
\pgfinterruptpicture%
\tikz@textfont%
\ifx\tikz@text@width\pgfutil@empty%
\else%
\begingroup%
\pgfmathsetlength{\pgf@x}{\tikz@text@width}%
\pgfutil@minipage[t]{\pgf@x}\leavevmode\hbox{}%
\tikz@text@action%
\fi%
\bgroup%
\aftergroup\unskip%
\ifx\tikz@textcolor\pgfutil@empty%
\else%
\pgfutil@colorlet{.}{\tikz@textcolor}%
\fi%
\pgfsetcolor{.}%
\setbox\tikz@figbox=\box\pgfutil@voidb@x%
\tikz@uninstallcommands%
\tikz@atbegin@node%
\aftergroup\tikz@fig@collectresetcolor%
\tikz@halign@check%
\ignorespaces%
}
\makeatother
Everything except for the marked code is copied from tikz.code.tex
(the marked code is also from that file, but taken from the definition of \tikz@do@fig
).
With this your code produces

With just tikz
\documentclass{article}
\usepackage{tikz}
\usetikzlibrary{positioning}
\begin{document}
\begin{tikzpicture}
\node[fill=olive,fill opacity=0.3,rounded
corners=1ex,font=\fontsize{16pt}{16pt}\itshape] (a) {Some text};
\node[preaction={fill=olive},rounded corners=1ex,below=of
a,font=\fontsize{16pt}{16pt}\itshape] (b) {Some text};
\node[preaction={fill=olive,fill opacity=0.5},rounded corners=1ex,below=of
b,font=\fontsize{16pt}{16pt}\itshape] (c) {Some text};
\end{tikzpicture}
\end{document}

With tcolorbox
\documentclass{article}
\usepackage[many]{tcolorbox}
\begin{document}
\begin{tcolorbox}[
width=\textwidth,
arc=3mm,
% auto outer arc,
boxsep=0cm,
toprule=1pt,
leftrule=1pt,
bottomrule=1pt,
rightrule=1pt,
colframe=blue,
fontupper=\raggedleft\itshape]
\fontsize{16pt}{16pt}
Some text
\end{tcolorbox}%
\end{document}

Here is an environment version with transparency:
\documentclass{article}
\usepackage[many]{tcolorbox}
\usepackage{lmodern} % just to avoid font size warnings
\newtcolorbox{mybox}[1][]{
width=\textwidth,
arc=3mm,
% auto outer arc,
boxsep=0cm,
toprule=1pt,
leftrule=1pt,
bottomrule=1pt,
rightrule=1pt,
colframe=blue,
fontupper=\raggedleft\fontsize{16pt}{16pt}\itshape,
breakable,
nobeforeafter,
enhanced jigsaw,
opacityframe=0.5,
opacityback=0.5
}
\begin{document}
\begin{mybox}[]
Some text here just to fill the line and see if the line breaks smoothly and goes to the next. If not, I am in deep trouble ;-)
\end{mybox}
\end{document}

This breaks across pages too.
Best Answer
EDITED to use Daniel's comment to make the undertext transparent, using a
tikz
node. The OP mentions in his/her comment to Daniel the presence of "some space afterHello
", but I'm not sure how that applies to this solution (since the\stackunder
is centered).EDITED to take OP's suggestions. However, I would note that the horizontal alignment of this solution is impervious to
inner sep
, since the underset is automatically centered. However, theinner sep
will slightly alter the vertical position of the underset.