Verified with upgrade test from 4.1.41 --> 4.2.36 --> 4.3.40 --> 4.4.33 --> 4.5.36 --> to 4.6.0-0.nightly-2021-03-26-191616. At the end of the process, it is observed that the output now looks consistent when compared with a freshly deployed v4.6 cluster:
-------
NAME      VERSION                             AVAILABLE   PROGRESSING   SINCE   STATUS
version   4.6.0-0.nightly-2021-03-26-191616   True        False         14h     Cluster version is 4.6.0-0.nightly-2021-03-26-191616


oc -n openshift-ingress-operator get ingresscontroller/default -oyaml                             
apiVersion: operator.openshift.io/v1
kind: IngressController
metadata:
  creationTimestamp: "2021-03-29T06:46:23Z"
  finalizers:
  - ingresscontroller.operator.openshift.io/finalizer-ingresscontroller
  generation: 1
  name: default
  namespace: openshift-ingress-operator
  resourceVersion: "247409"
  selfLink: /apis/operator.openshift.io/v1/namespaces/openshift-ingress-operator/ingresscontrollers/default
  uid: 79ff227e-905a-11eb-9e00-064af4f07c90
spec: {}
status:
  availableReplicas: 2
  conditions:
  - lastTransitionTime: "2021-03-29T10:59:04Z"
    status: "True"
    type: Available
  - lastTransitionTime: "2021-03-29T07:28:25Z"
    reason: Valid
    status: "True"
    type: Admitted
  - lastTransitionTime: "2021-03-29T07:28:26Z"
    message: The endpoint publishing strategy supports a managed load balancer
    reason: WantedByEndpointPublishingStrategy
    status: "True"
    type: LoadBalancerManaged
  - lastTransitionTime: "2021-03-29T07:28:26Z"
    message: The LoadBalancer service is provisioned
    reason: LoadBalancerProvisioned
    status: "True"
    type: LoadBalancerReady
  - lastTransitionTime: "2021-03-29T07:28:26Z"
    message: DNS management is supported and zones are specified in the cluster DNS config.
    reason: Normal
    status: "True"
    type: DNSManaged
  - lastTransitionTime: "2021-03-29T07:28:27Z"
    message: The record is provisioned in all reported zones.
    reason: NoFailedZones
    status: "True"
    type: DNSReady
  - lastTransitionTime: "2021-03-29T07:28:26Z"
    status: "False"
    type: Degraded
  - lastTransitionTime: "2021-03-29T13:39:29Z"
    status: "True"
    type: PodsScheduled
  - lastTransitionTime: "2021-03-29T13:39:29Z"
    message: The deployment has Available status condition set to True
    reason: DeploymentAvailable
    status: "True"
    type: DeploymentAvailable
  - lastTransitionTime: "2021-03-29T13:39:29Z"
    message: Minimum replicas requirement is met
    reason: DeploymentMinimumReplicasMet
    status: "True"
    type: DeploymentReplicasMinAvailable
  - lastTransitionTime: "2021-03-29T14:14:27Z"
    message: All replicas are available
    reason: DeploymentReplicasAvailable
    status: "True"
    type: DeploymentReplicasAllAvailable
  domain: apps.aiyengar-41bv.qe.devcluster.openshift.com
  endpointPublishingStrategy:
    loadBalancer:
      scope: External
    type: LoadBalancerService
  observedGeneration: 1
  selector: ingresscontroller.operator.openshift.io/deployment-ingresscontroller=default
  tlsProfile:
    ciphers:
    - TLS_AES_128_GCM_SHA256
    - TLS_AES_256_GCM_SHA384
    - TLS_CHACHA20_POLY1305_SHA256
    - ECDHE-ECDSA-AES128-GCM-SHA256
    - ECDHE-RSA-AES128-GCM-SHA256
    - ECDHE-ECDSA-AES256-GCM-SHA384
    - ECDHE-RSA-AES256-GCM-SHA384
    - ECDHE-ECDSA-CHACHA20-POLY1305
    - ECDHE-RSA-CHACHA20-POLY1305
    - DHE-RSA-AES128-GCM-SHA256
    - DHE-RSA-AES256-GCM-SHA384
    minTLSVersion: VersionTLS12
-------

Since the problem described in this bug report should be
resolved in a recent advisory, it has been closed with a
resolution of ERRATA.

For information on the advisory (OpenShift Container Platform 4.6.25 bug fix update), and where to find the updated
files, follow the link below.

If the solution does not work for you, open a new bug report.

https://access.redhat.com/errata/RHBA-2021:1153