inherited versus default, that is kind of splitting hair when we're talking about user interface.
Here the gray means "this is what it's going to be if you don't write something else here"

Yea I realized that only after. I agree it's slightly different from the grey text in text fields, but it still illustrates the point because it's also an implicit default value (that happens to be unchangable in this context). So it kinda applies, but yea not quite the same.