I just tried this real quick so I will make a guess.
Admin is a status not a group. The must view permission is tied to groups not member status. So most admins are also only in the user group.
I think the only way around this currently is to create a group just for admins and add them to the group. Then set the permissions for that group.
But I agree this is a bug. Why have a setting for admins if they are not really in a group.
