Yes, when you set the DataSource/DisplayMember/ValueMember of a ComboBox or ListBox (which is what SF does when you populate through the business object), the control uses those values to populate its Items collection.
What I meant by default behavior is that when you have Items in the ComboBox and it's set to the mode of DropDownList, it has to have a selected value if it's not bound. It won't let you "select none." It always wants to select an item when the form opens up. You might be able to jack with it if you set the SelectedValue to null/Nothing, but it's easier to just put a TopMostItem in the list so that the users can have a way to "deselect" the items in the list or "select none."
We generally have a TopMostItem of "<none>" with a value of 0 or null, or "<please select provider>" with a value of 0.