Learning illustrator is like learning Blender —can be extremely frustrating at start, but in the end solves more problem than creates.
To be fair — Find/Replace Font dialog is garbage, and UserVoice has several request to update and improve it. I totally feel your frustration with it. I won’t share these links here, since you are probably not interested in solving long-term problems, but has this one on your hands.

To replace this faulty Bebas you are seeing in the top half, you can try to change 'Recent' within 'Replace With Fonts From' dropdown to 'System' — if you have others Bebas fonts already installed. Then you’d have to find these in the bottom list (sorry, no filtering!) and just click it to mark it.
Then clicking 'Change All' will replace the top font used in all text objects in the current document with the bottom font.

These 'Activate' checkboxes you try to click will work only if the Adobe Fonts library HAS the exact font. And in this case, plain Bebas (no Neue or Kai) is not what the library has... and sadly I have to idea why it refuses to get uploaded. Not even sure if it’d help if it did.

Let’s hope the type team would be able to figure out what’s wrong with the font.

Thanks for the help.

For the record: (I'm learning Illustrator for work - to my great regret at this point) After 4+ hours of working to get this done, I tried both the otf and ttf in a last ditch effort to get anything to work. The Find/Replace Font dialog box will not allow any exchange of any fonts. The check boxes will not allow a selection and the menu options all require a box to be checked before they will operate.

I HAVE Bebas Neue and Bebas Kai for that matter, but without the ability to select a box to change them, they may as well not be on the system. So I tried adding the Bebas to no avail.

Will send the source file via email.

Oh, it looks like a mess :(
I am seeing you tried to install both TTF and OTF variants of the fonts, which is possible, but practically makes less sense... I doubt that’s the reason though.
I wonder if using another version of Bebas — Bebas Neue, that just exist at Adobe Fonts (https://fonts.adobe.com/fonts/bebas-neue-pro) will work... it’s the same one by definition as the one at Google Fonts (fonts.google.com/specimen/Bebas+Neue), by Ryoichi Tsunekawa from Dharma Type.
Perhaps this would just work for you as a workaround.

Either way, the team would probably have to have this problematic copy of Bebas for investigation.
You can either share a source link to get the same exact file, or send it as an attachment to sharewithai@adobe.com (in this case please mention the link to this report for tracking purposes: http://illustrator.uservoice.com/forums/601447/suggestions/48738662)