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It's a setting that was added a few months ago to allow teams more control over horses with the team affix. Any horse above the GP limit set by the team canot be bred even if it is not a gelding now. Not all teams use it though.

Some teams have been lowering their limits temporarily to list apparently breedable horses for sale then immediately raising the limit so the horses cannot actually be bred or sold on once bought. You need to be aware of this when buying team horses you intend to breed. Carefully check the breedable limits on the team page before buying and don't delay breeding them as the limits can be changed at any time.