Auto Exposure Basic produces too much bloom in dark environments

A simple scene with just a light and an mesh will suffer from copious amounts of bloom. This will occur if there is a light in the scene or not. Exposure Histogram does not produce this result. This much bloom just makes it hard to work with objects in the viewport.

1. Open any project in the editor.
2. Enable Auto Exposure Basic from the rendering section of the project settings.
3. Create a new empty level
4. Drag a basic cube into the scene from the place mode panel.
5. Observe a lot of bloom
6. Drag a directional Light into the scene

Result:
Observe as bloom obstructs visibility in the viewport.