The bug
There is no translation key for the loading animation (o O o) in the multiplayer screen.
Expected result
There would be translation keys for the loading animation.
Code analysis
Code analysis by @unknown can be found in this comment.
Comments 2
Can confirm this in 1.18.2, though this is likely intended judging by the recent triaging of MC-248840.
I can confirm this behavior in both 1.18.1 and 22w05a.
This issue is occurring because the three strings used for the loading animation within the multiplayer server selection list, those being "O o o", "o O o", and "o o O", are hardcoded, hence why they are untranslatable.
Here's a code analysis of this issue.
Code Analysis:
The following is based on a decompiled version of Minecraft 1.18.1 using MCP-Reborn.
net.minecraft.client.gui.screens.multiplayer.ServerSelectionList.java
If we look at the above class, we can see that the strings used for the multiplayer loading animation, are hardcoded, therefore are untranslatable.