Building web project doesn't do anything

Running expo start -w works great, but when I run expo build:web, I get the following output, and nothing is generated in my directory. It seems like the command is supposed to create a web-build directory with the built assets, but I couldn’t actually find anything in the documentation.

clean-webpack-plugin: /Users/Varun/Documents/workspace/clyme/web-build has been removed.
Building Webpack bundle [====================] 100% (28.7 seconds)

Build completed in 28.717s

EDIT: Just an update that I’m on the latest expo-cli version (2.21.2). I tried build:web in a brand new expo init project and it worked there, but I’m not really sure what else I can do to debug.

Created a github issue here - https://github.com/expo/expo-cli/issues/837