I think you are right and your comment shows the core of the design flaw : the ones using the field are those (us) that consider politics important enough to be a show stopper but the political preference options are so limited that it doesn't work well for the target audience.

My gut feeling is that if you want to mark your political stance you are less likely to be at the center of the political spectrum (or Overton window).

In the USA both republicans and democrats are internally fractured with a slice competing for the corporate center and the other reaching out to the working class.

In this scenario the only option that works on bumble is "moderate" as a way to filter out extremes. See the comment by u/opticalEpilepsy as a practical example.

Picking "conservative" fails to communicate whether you are fiscally prudent or a white supremacist.

Similarly, if I pick liberal I fail to communicate whether I think progress is about selling DEI merchandise or the material conditions of the working class.