In ArcMap 10.4.1, point symbols frequently (but not always) appear as text characters. See images for examples. The standard Default symbols overlay a text character in the Arial font instead of a simple circle, square, or other shape.
What David said. You need to have the Fonts installed.
When it was installed they should have been installed automatically if you selected Express and all options.
@nixleytp looks like you either haven't installed the ESRI fonts or your machine has lost/corrupted ESRI fonts. Try reinstalling them.
https://support.esri.com/en/technical-article/000001920
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