3D Viewport replacing / swapping actors with other actors.

Step 1: Select a static mesh in the 3D viewport.
Step 2: Select a blueprint in the content browser.
Step 3: In the 3D Viewport right click on the static mesh and choose “Replace Selected Actors with…”
Step 4: Proceed to replace the static mesh with the selected blueprint. When I do this it does not REPLACE the static mesh but instead it just places the Blueprint in the same location and leaves the original static mesh there.
This is not the expected behavior based on the process and naming of things. If I wanted to just place a BP on top of a Mesh I would just drag the BP in.
Has anyone run into this issue or know a solution?
Unreal 4.22