Neither bug nor intentional, but game restriction.
An pickup tower (PT) is actually a "compound entity", making up by two entities.
One is the "chest entity" that provides the storage, and what player cursor can interact with.
Second one is the "radar entity" that provides the timer counting, animations (rotating part), and electricity consumption.
There can only be one interactable entity, so do you prefer to see the electric grid but not stored item contents?
(As an item collector entity, I believe item contents are the most useful / relevant data to show.)
There is no single entity type that can provide all the needed features.
These two entities are already the best combination I can find. (Unless the devs decide to release a new entity type that can do all the above.)