Searching inconsistency related to "exact or partial name"

Reproduced on the demo.

Go to the find box.
Don't change anything and click search.
The search comes back:

Found 65 contacts

• Contact Type - All
• Name or Email like - "- exact or partial name -"

If you click in the search box and clear the "- exact or partial name -" the search comes back:

Found 325 contacts

• Contact Type - All

The user shouldn't have to figure out that if they just want to search for everything in the database, they need to take out the "helper" text from name/email field.

Expected result. If you do a simple search without changing any of the defaults, you should get all the results in the database.