Joel, I assume the actual edges of the non-selected object do not get rendered, and only the bounding box hugs it? Or there is no object at all that the bounding box hugs actually, and it’s just void (checked with Outline mode)?
When and if it happens the next time, please also check these:
1. Is the 'selected' object marked in any way in Layers panel?
2. Does resizing or rotating the bounding box affects the object? Does Undo help to drop the 'selection'?
3. How did you exit the isolation mode (Escape, breadcrumbs, double-click), and how deeply grouped is the object?

This happens to me at least once a week. It seems random and inconsistent, so it's hard to reproduce, but this last time I believe I was working within a group in isolation mode, then after exiting isolation mode and selecting items in a different group, the bounding box "stuck" to always including the last item selected within the previous group. I use groups a lot and move in and out of isolation mode frequently, so this may be why I experience this bug so often. I was unsuccessful in trying to reproduce it. To remedy, I just quit and restart Illustrator.

Skyla, it’d help immensely if you were able to find exact steps to reproduce it with the art you have. And please keep the fil, in case it never happens again.

Regina, so far I can’t reproduce the issue. How permanent this behavior is for you?
Can you share the file that always work like this for you? Make sure that you have only the part that causes the problem.

A bounding box appears after using the divide tool. When I select another path to perform another divide action, the tool responds that it can't divide when more than object is selected. The bounding box persists even though the interface says "No Selection" and there is no highlight in the layers panel. The properties panel transform shows an x and y position as well as width and height for the bounding box (which can be moved and resized). Using "Deselect" from the top menu does nothing. I have to save and close the file, and then reopen it to get rid of this bounding box. This affects productivity when I have multiple divide actions to perform.
Illustrator 25.3.1 (64-bit); Windows 10 Enterprise