The logic behind it is clear -- by default, all caches are shown in the leaderboard and by clicking on either of the checkboxes, you hide one of the categories. It might be more clear if it would be called "Show" and the checkboxes would be checked by default. But then the filter name will be even more confusing in the filter list. UI is hard and something that is intuitive for one is not intuitive for others.
I think best would be to repeat the word "hide" also next to the checkboxes.