When editing a Standard Calendar in Quick Edit, the default Month and Year selection is January 2017, instead of the current Month and Year.
However, when creating a new Standard Calendar, it does default to the current Month and Year.
WCC 11.4 SP5
This has been resolved in WCC 11.4 SP6.
We can confirm that the default Month and Year are now correctly showing the current values both when creating a new calendar and when viewing an existing calendar.