I'm not sure if I'm understanding your description correctly. Are you asking why the output to the Iterate Feature Classes tool shows a single feature class instead of a collection of features? If so, that is because after executing this tool you'd only see the value from the last iteration of the model. If you wanted to see all of the values you'd need to add the Collect Values tool into your model.
Could you also verify what the variable "32dol_BDT_polys" represents. The iterator in this case should only take a workspace as input (i.e. folder, geodatabase, or feature dataset).
For the most part, your model looks fine to me. The Add Geometry Attributes tool doesn't create new output, so in your model it should iterate through all of the feature classes in your specified workspace and add the attributes you specified in the tool.