FetchContent_Declare populate fails with option EXCLUDE_FROM_ALL

I am using FetchContent_Declare() to add some third part libraries and some internal libraries to my project. I don't want them polluting my ALL target or installing all their files when I run install. with add_subdirectory() I would use EXCLUDE_FROM_ALL to accomplish this. ExternalProject_Add() also supports this option, and I was under the impression that FetchContent_Declare() supported all the same options.

The following pattern end with no file populated and a configure error:

FetchContent_Declare(lib
    GIT_REPOSITORY      https://github.com/username/lib.git
    GIT_SHALLOW         TRUE
    GIT_TAG             origin/optional-positional
    EXCLUDE_FROM_ALL    TRUE
)
FetchContent_MakeAvailable(lib)

The following works:

FetchContent_Declare(lib
    GIT_REPOSITORY      https://github.com/username/lib.git
    GIT_SHALLOW         TRUE
    GIT_TAG             origin/optional-positional
)
if(NOT lib_POPULATED)
    FetchContent_Populate(lib)
    add_subdirectory(${lib_SOURCE_DIR} ${lib_BINARY_DIR} EXCLUDE_FROM_ALL)
endif()