Just got the same bug AspenCrow did in the Icerun arena. After the third companion slot opened and I placed the heron fishing companion in it, it was replaced by the panda cooking companion. I also had the lemur companion in the first battle slot, as shown in the screen shot below
I had initially thought that the bug was replacing the companion in my team with the most recently bought companion from the Icerun Arena shop, as I had just purchased a panda companion and a lemur companion. However, once I unlocked all companion slots and filled up my team, my heron remained a duplicate panda, my phoenix vanished entirely and the panda companion I had on my team seemed unaffected, as shown in the screenshot below. Additionally, changing my team composition didn't solve the issue.
Even though the bugged companions seem to use the same moves as the companions that they've been replaced with, the synergies are registering the actual team I've put together. If they weren't then the Dueler synergy wouldn't be as high as it is in the screenshot. Additionally, there's two one star pandas in my inventory as shown below, which for some reason are registering as apart of my team rather than the other companions I currently have.
Further experimenting, I finished upgrading my panda companion and then bought three golden unicorn companions and two blue fishing herons and lo behold, the golden unicorn shows up in my party now! The blue fishing heron is still missing but it seems like the Icerun arena is registering some of the companions in your inventory rather than the companions you have in your team. Here's what my current team set up looks like versus the companions in my inventory and the companions showing up in the Icerun Arena.
I'm running Lorwolf on Firefox version 121.0 (64 bit) on Windows 11 Version 22H2