I have created a work vault in teams, but then changed the name to the name of my company instead. Unless I remove and re-add teams the vault name change (and icon updates!) don't propagate down to the devices.
I wonder if this was something that you didn't consider might need syncing? The items within the vaults sync fine enough, just not the vault names and icons themselves.
1Password Version: Not Provided
Extension Version: Not Provided
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Sync Type: Not Provided