On New Campaign form, placeholder text for status is weird

It says "- select Campaign -".

It's a minor thing but in trying to see where it's coming from, I think this is supposed to come from metadata somewhere, but it's falling back to the entity title, so is likely a generic issue, except that it's rare that an entity's status is an optional field so you don't see it anywhere else.

So then that brings up the question of whether the status field for campaigns should be optional. What does it mean for a campaign to be status-less?

Maybe ditto for Grants, except there it's both required AND shows you the placeholder, whereas normally for required you don't have the placeholder.