I could observe the similar behavior in 8.2x and 8.3x environments however, the tooltip option is displayed for 8.1x and 7.3.1 environments for column label in the table layout. Whereas in 7.1x the tooltip option is not provided.
I guess the tooltip option has been removed from 8.2x onwards.
You can try using smart tip or smart info based on your business requirement.
Thanks for the reply and sorry for getting back to you late. I have discussed this topic with other people and they also said the functionality might have been dropped. I will use smart tip or smart info.