This is a form that has accessible placeholder text. When you "tab in", the placeholder disappears. This fixes the issue that some screenreader/browser combinations have (e.g. NVDA/Edge, Voiceover/Safari) with placeholder text being mistaken for form input values. Back to User Agent Man Article, "Accessible Form Placeholder Text".

Personal Information
This field has a placeholder of example@netcom.com
This field has a value of example@netcom.com