Bash completion doing full tree traversal?

I experienced a weird stall from git bash completion:
$ git add p<TAB>

I did some investigation and found this call trace:

+ __git_index_files '--others --modified' ''
   ---> git ls-files --exclude-standard --others --modified

This bash function captures output of the git call and strips all but
the base directory or base filename.  The results are limited to
entries in the current directory.

Appears to be from fea16b47b603e and first released in v1.8.2 (I have 1.8.4).

Isaac