Generate nodequeue assignments doesn't pick up all terms

Suppose that you have:

• A site with nodes only of content type Y, all of which have one term from vocabulary X.
• Vocabulary X has 3 terms: RED, GREEN, and BLUE.
• A taxonomy queue that has vocabulary X selected under Vocabularies and content type Y selected under Types.
• You've manually added to the taxonomy queue some nodes with term RED and some nodes with term GREEN but no nodes with term BLUE.

Now if you run Generate nodequeue assignments and go to admin/content/nodequeue/list, your taxonomy queue only has two subqueues. If you click on the View operation, you'll see RED and GREEN subqueues but no BLUE subqueues.

Shouldn't Generate nodequeue assignments in fact detect all terms of a vocabulary and populate the taxonomy queue with all applicable nodes that have those terms?

The same thing happens if you create a new taxonomy queue and run Generate nodequeue assignments before you add any nodes to a queue. It appeared the feature ought to completely populate the taxonomy queue with terms and nodes?