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I have never looked at the trace of a decorated object before. The 3.7 behavior treating the inner decorator line as the first line of the decorated function definition looks wrong to me. I actually expected the line pointer to move down to the def line, analogously to the following, at least until after MAKE_FUNCTION, but moving to the beginning of the statement for the rest would seem proper.
>>> dis.dis("""a = f(
f(
f(
3)))""")
 1 0 LOAD_NAME 0 (f)
 2 2 LOAD_NAME 0 (f)
 3 4 LOAD_NAME 0 (f)
 4 6 LOAD_CONST 0 (3)
 8 CALL_FUNCTION 1
 10 CALL_FUNCTION 1
 12 CALL_FUNCTION 1
 14 STORE_NAME 1 (a)
 16 LOAD_CONST 1 (None)
 18 RETURN_VALUE