Modified properties shows for None (inherited)

In 3.7.0 it is an excellent idea to flag up files with modified properties, but when I go to the file to see what is modified I see that the modified properties are actually None (Inherits), which is exactly what other files in the same folder have that do not show up as (modified properties).

Is this a bug, or do I not understand what this is doing, or do I need to do something to clear an anomalous state?