Each line item represents the “batch” of movies processed.
So the item should read “MovieTitle1, MovieTitle2, and 3 other items”, but since my MovieTitle1 took up most of the space, I did not notice that the intent was to show the entire batch job.
Note deleting from this menu deletes all optimized versions for that batch.
In conclusion, the feature works as-intended, but perhaps could use a minor UI tweak to more clearly signify it may represent a batch of conversions. However, I completely understand it might just be my font/browser settings as well.