In database: Collection -> Settings.
Display Name: Add attribute -> Select attribute -> After selecting attribute, the "Select attribute" text still shows.
After pressing update, navigate from and to the settings for collection again, no Display Name is present.
TL;DR
Developers are facing issues when setting the Display Name for Collections. After selecting an attribute, the text does not update and the Display Name does not save in the settings. This persists even after pressing update.