I'm not chiming in as an expert here or claim to be up on the "current thinking", but this is something I've questioned as well, and I really don't like the idea of it. Looking to tag onto this thread and see if there is any concensus. If a bottle is labeled for a standard gas with a specific MOD, filling it up with "whatever" and diving it improperly labeled sounds like an accident eventually waiting to happen.
I've done this. I have an al40 clearly labeled with a 70 foot MOD stickers for 50% O2. I've brought it with as a pony filled with 32% on a few dives. I had a roll of white gaffers tape in the truck, so I stuck a strip of the tape over both MOD labels so I didn't need to peel the stickers off and replace them later. I wrote my gas analysis on the gaffers tape covering the mod stickers with a sharpie. That felt like a reasonable compromise to me, and easily peeled off when the tank was emptied and refilled, revealing the original mod stickers.
As a check/balance, before starting any dive (tec or rec), each tanks contents should be analyzed by the diver personally that same day regardless, so an O2% variation "surprise" shouldn't ever happen if adhering to best practices.