Try: Minimal styling.

packages/block-library/src/image/editor.scss

@@ -1,17 +1,27 @@
 // Provide special styling for the placeholder.
 // @todo: this particular minimal style of placeholder could be componentized further.
 .wp-block-image.wp-block-image {
-	// Show legacy Placeholder style on-select.
+	// Show custom Placeholder style on-select.
 	&.is-selected .components-placeholder {
 		// Block UI appearance.
 		color: $gray-900;
 		background-color: $white;
 		box-shadow: inset 0 0 0 $border-width $gray-900;
 		border: none;
+		justify-content: center;
+		align-items: center;
 
 		// @todo: this should eventually be overridden by a custom border-radius set in the inspector.
 		border-radius: $radius-block-ui;
 
+		.components-placeholder__fieldset {
+			gap: $grid-unit-15;
+		}
+
+		.components-button {
+			margin: 0;
+		}
+
 		> svg {
 			opacity: 0;
 			visibility: hidden;