Views Reference Method is not respected

Steps to reproduce

1. Create a view with an entity reference display type that filters the icons already created
2. Create an entity reference field to a taxonomy term using the "icons" vocabulary
3. Set the "Reference method" on the field to "Views: Filter by an entity reference view"
4. Select the view previously created
5. Save
6. Create content using the new field to see all icons are displayed

Expectations

1. The "Default value" section on the entity reference field should update automatically to show only the icons from the View
2. The field should only list icons that have are included in the View results