Hi, I reported this as a ticket and a GM suggested to report as a bug if it didn’t fix itself after a UI refresh.
I had two Reshii Wraps from doing the campaign and in the process of upgrading them, one reached rank 3 and one reached rank 4. It seems it was upgrading the one I had in my inventory at the time instead of the one I was wearing.
I did fix this eventually by deleting both Reshii Wraps and asking for a new one, which gave the max rank Reshii Wraps, but I wanted to report this in case it might be useful for anyone else or for future features that might have this issue.