Optional bundle type for Entity Reference field

Problem/Motivation

For Entity Reference fields (Drupal core: 8.7.3), when using the Default Reference Method, it asks for allowed bundle types. For example, media type for a media reference field. In that case, when a new entity bundle type is added to the site, we need to manually update all fields for the reference type settings. Is it possible to just make that field optional so when none is selected, it will allow all bundle types to be used?

Proposed resolution

Make bundle type optional for an entity reference field and when none is selected, allow all bundle types to be used.