I have last year's Booters, and yes, they absolutely can rotate to tighten the buckles. You can also move the buckles on the plastic portion to get a tigher/looser fit. I had to move my toe buckle to the outer hole because I had the outside of my boots punched out a bit this year. If your buckles are already on the small setting you probably just bought the wrong size boots.
There should be two holes like that for each buckle Make sure yours are on the tighter hole.
...and yes, I always keep my boots bucked. Just unbuckled them to look at the holes. In case anyone felt like pointing out that my boots were unbuckled.