I started off my response by writing that the menu setting is for topside use only as the Canon w/a or telephoto converters require an adaptor mount and if used, you need to specify this in the menu you found. The menu designations refer to the Canon glass. All the adaptor does is provide a mounting spacer which allows the M58 threaded Canon glass to attach to the camera.
However, you got me thinking...
I have the Canon w/a and tele glass and adaptors so I tried both the converters and selected all the menu options to see if there are any discernable differences. I could not detect any and certainly not in the considerable vignetting which occurs when the tele converter is at the wide end of the zoom range.
Similarly, when fitted to the Ike housing I have tried the INON UWL-100 and dome unit (130 degree) with the 'WC-DC58B' setting on and off and again, there is no discernable difference.
In respect of their topside glass I'll ask Canon to explain their rationale.
Does anyone know differently?
HTH, Tim