Does the workbook contain any VBA code? If so, if any VBA code is run to delete all shapes on a worksheet then problems occur trying to create Data Validation DropDowns on the worksheet. Sometimes they will not display the list and sometimes will not even display the DropDown arrow. However, entries in the cell that are not included in the List are still rejected.
See the last couple of posts at the following link.
https://www.ozgrid.com/forum/index.php?thread/64488-data-validation-drop-down-not-showing/
I have tested and I can reproduce the problem.
I found that I can create the DropDowns on other sheets within the same workbook but not on the same sheet where I have deleted all shapes.
After saving the workbook and closing Excel and then restart Excel and open the workbook, the Validation DropDowns all worked again.