That’s consistent with a generator calibrated for voltage into a 50 ohm (external) load, but a meter with an input impedance much larger than 50 ohms.
I have two similar Boonton units: one is a power meter, where the probe shows 50 ohms to the source, and the other is a voltmeter with high input impedance, supplied with a removable 50 ohm termination.
Ideally, a very high input impedance results in an indication 6 dB high (x2 voltage).