Fit Content to Frame on textbox makes huge gap at the bottom

InDesign 16.1 x64 on Windows 10

When I select a textbox and select Fit Frame to Content (by shortcut, menu or toolbar button), the textbox is resized correctly on the horizontal plane, but the height of textbox jumps to an incredibly stupid size.

Double-clicking on the bottom centre textbox frame handle then resizes the height correctly - thus creating an extra step for the functionality that was previously a single shortcut key.