Hello codyporche,
Welcome to Apple Support Communities! I understand only your initials show when you switch profiles, but your wife's Memoji does show. I'm happy to assist you with this.
First, let's make sure your iPhone and Apple TV has the latest updates:
Update your iPhone, iPad, or iPod touch
How to update your Apple TV
Next, remove your user profile and add it again. Check out the section of this article that states "Remove a user": Set up and use multiuser on your Apple TV
If the issue persists, contact Apple Support: Contact Apple for support and service
Best Regards.