This is because the Piclist Generic BC is based on the S_LST_OF_VAL table which holds the values created for any static picklist.

All Static PickList values are directly stored to S_LST_VAL table, for accessing those values from that table with help of PickList Genric BusComp. That's why so, PicList Genric BusComp using for creation of static picklist

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