I suspect that more than 100 of them are unique values, and we have a limitation when converting a text field into a single select field, where the frontend only retrieves unique values with limit=100, limiting the number of options to 100.
Could that be the reason? Or do you have fewer than 100 unique values in that field?
I am getting the same bug. For me, when converting a single-line text field to a single-select one, only the first new single-select option (out of the converted list of all the possible values) becomes empty when the field is converted.
Also, it seems that renaming this same single-select option seems to be a workaround for now, making the cells with that value be properly mapped (instead of disappearing) upon conversion.