I've started noticing this recently, and I think it was okay for a while after I reinstalled the app, but SpotMenu will just disappear from the status bar and I have to reopen it. Seems to happen the most after waking the mac from sleep but will need to gather more accurate data on this.
Sequoia 15.6
Macbook Air M1 2020 8GB
SpotMenu v2.1.2
Most likely a config issue on my mac probably but no idea how to start diagnosing this issue