Dropdowns are meant to be used in the backend only. In the frontend you always get a label/value pair where the value is the selected option from a dropdown IN the backend.

Can you paste your entire foreach loop please? Also see the above in case you want to retrieve a single extra field anywhere in your overrides:

=== Call specific extra fields in K2 templates ===
So how would you directly output individual extra fields in your K2 overrides? Simple. Just do something like this (e.g. in item.php) to get the extra field name:

$this->item->extraFields->EXTRAFIELD_ALIAS_HERE->name

To get the extra field value you would simply do this:

$this->item->extraFields->EXTRAFIELD_ALIAS_HERE->value
$this->item->extraFields->EXTRAFIELD_ALIAS_HERE->rawValue (for date type only)

Simply replace EXTRAFIELD_ALIAS_HERE with the actual alias of the extra field you wish to output.

In modules, use:

$item->extraFields->EXTRAFIELD_ALIAS_HERE->value
$item->extraFields->EXTRAFIELD_ALIAS_HERE->rawValue (for date type only)

Extra fields are processed before they are sent to be displayed.

What K2 view/task are you trying to display the extra fields?

Everything works just fine on my end. I can't replicate your issue. Make sure the related option for extra fields is enabled in the first tab of the K2 Settings. If that doesn't work, try setting a test site with K2 to replicate the issue.