Document Library Versioning setting not working

Good Morning. 

We have several document libraries  on which we turned on Major and Minor Versions. 

We have a default of 100 Majors and 20 minors.  

For some reason This does not apply to the libraries at all.  

Instead our minors our running into the 100's 

There preservation holds on the libraries

Am I missing something (I just published to get to 1.0)