The Standings report displays picks for regional winners, finals and champ. I can not tell from where the report is pulling the Final Four-1....4 picks but, in the past, it's always been the regional winners. This year it's showing teams winning different regions. For instance, Louisville appears in the FF-1, FF-2, and FF-3 columns, UConn is in FF-2 and FF-3, and Pitt appears in FF-1, FF-2 and FF-4.
Is there a bug in the Reports?
No not a bug. It's actually a feature
There is a preference called "Final Four Compact Format on Standings" that is checked (Preferences, Reports tab). If unchecked this is probably what you expected. However, if checked, the following apply (and you should change your field headings to reflect this):
Final Four-1 -> Champ
Final Four-2 -> 2nd Place
Final Four-3 -> Final Four
Final Four-4 -> Final Four
This saves column space. So instead of needing 7 columns, you only need 4 to display the same information. (i.e., with the preference unchecked, you would have Champ, Finals-1, Finals-2, Final Four-1, Final Four-1, Final Four-2, Final Four-4)