Hi,
I think the name of this action is confusing. From a technical point of view, a gameobject is considered visible when it's withint he camera visibility, where or not it is visible to your eyes. so you could have a object with a completly transparent material, it will be true still.
can you define visible in your case? do you expect this to set false when the object is disabled? or when the material is transparent, or without a mesh?
bye,
Jean