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Hi,
It is how our Float widget look works. It shows the current selected language code, but when you open the dropdown it shows the full language names.
I believe you are using it for just 2 languages and I agree it may look strange.
Unfortunately we do not provide support for customizations of this kind in our free version. You can try to play with wp-content/plugins/gtranslate/js/float.js file to tailor it to your needs.
I would recommend you to use a different widget look instead. Since you are going to use just 2 languages, you can check Flags with language names option.
Thanks! 🙂