Bounding Box Center, Transform Pivot Point - better description or change how it works?

As I understand it the Bounding Box Center, Transform Pivot, works as intended. However you wouldn’t know that from the UI or tool tips. The problem may be that if you display an object with ‘Bounds’ it doesn’t consider the Origin point, just the vertex data location, but if you use the Transform Pivot tool, it does consider the Origin point, which may be outside the vertex data (move a cube up high and reset transforms).

A Transform Pivot tool that respects the visual ‘Bounds’ would be really useful, what do we think?