I have the exact same problem. The funny thing is, this appears to be the case in my file only, in other files the components appear normal.

@Schaltza Likewise! Still haven’t resolved but it was a localized issue as well for me

Hey All, this definitely seems like a bug.

Could you try applying the “Repair selected instances” command by following these steps?

1. Select all layers


2. Launch quick commands (cmd + /)
   
   Search for and apply the option “Repair selected instances”

Please let us know if this helps.

Even if I select all elements on the page, I still cant select “Repair all selected Instances”

This happens on Master components actually. As on the picture that Vanessa posted: