What I see:
If I'm not around anyone and I press and holding RS/R3, it doesn't do anything.
When the button action is on screen and I Press and hold RS/R3 I get the player profile (as pressing and holding RS is the button to view the player profile from gameplay).
EDIT:
However... When I turn name tags off, the button callout isn't displayed either - is that what you're seeing?
In this instance with nametags disabled the, button callout doesn't display, so pressing and holing RS/R3 around other players you'd seemingly get a random player profile popping up.
Weird, thanks for letting us know.