Agreed. The challenge for team Mondo is how to achieve this without requiring a lot of manual effort from ALL users.
My feeling is that “Where is my money going?” automatic categorisation should work straight out of the box for all users albeit with these limitations. For users who require greater granularity, a second layer of manual tagging (like Gmail) could help to solve this along with receipt OCR mentioned above. Then crowdsourcing this manual effort plus a bit of simple AI could assist with automation.