Why compiler always choose non explicit constructor for copy-list-initialization?

For below code, is there any reason compiler will choose non-explicit constructor..

struct S {
    S() = default;
    explicit S(S & cp) {
      std::cout << "explicit" << std::endl;
    } 
    S(const S & cp) {
      std::cout << "copy" << std::endl;
    };
};


int main() {  
    S s1; 
    S s2 = {s1}; 
}

from https://en.cppreference.com/w/cpp/language/list_initialization, it says for copy-list-ini... both explicit and non-explicit constructors are considered, but only non-explicit constructors may be called

https://godbolt.org/z/YqWWs9jqY