This is expected behaviour for VM Sizing Policies which are NOT the "System Default" one created automatically for a new Organization VDC and which have no optional CPU Reservation Guarantee or Memory Reservation Guarantee configured.
Create a VM Sizing Policy and configure a CPU Reservation Guarantee or Memory Reservation Guarantee and assign this VM Sizing Policy to VMs in order to allow the Reservation for CPU or Memory to be set.
Alternatively use the System Default VM Sizing Policy that is automatically created with the Organization VDC.