Hi MSB-peaceout,
Greetings. Based on my experience, in Microsoft 365, if a user's display name is Megan Bowen and he/she doesn't upload a profile picture, then you will see his/her initials is showing up like "MB" as the user's First name and Last name by default, like below picture:
So, if the initials of users in your organization are incorrect, you may refer to the steps in the following document to change their display name and check the result: Change a user name and email address.
Note: It might take up to 24 hours for this change to take effect across all services. After the change has taken effect, the person will have to sign in to Outlook, Skype for Business and SharePoint with their updated username.
If I misunderstood your concerns, please feel free to let me know. To help you better and further, we need to confirm the following information with you:
1. A screenshoot of your problem.
2. Did your organization purchase Microsoft 365 business subscription from our official portal or from our service provider, like GoDaddy?
Best regards,
Jennifer
