In addition to what Mark added, the OOG overlay (which is just an ugly image blocking, you are supposed to remove it manually construct) treats a tiny OOG color and those massively OOG the same. And again, what are you supposed to make of this? In the past, prior to the ICC color management we have today, the 'idea' was to take say the Sponge Tool set to desaturate and remove manually the OOG (which might be tiny or massive).
Adobe could update OOG to make it more useful. I don't think they ever will nor is it a good use of engineering. But products like ColorThink Pro have similar overlays that show differing colors based upon the deltaE (degree/difference/distance) and it would be more useful if Photoshop showed you as an example: Red is Very OOG, Green is moderately OOG, Yellow low etc. But again, what are you, the user going to do, viewing all this blocking your underlying image and what will you do that's better, faster than just letting the profile do this based on it's rendering intent.