Using ArcGIS Earth 1.17.
There seems to be a bug with the Convert to Quadrilateral tool in the Ground Overlay. Using the tool with no rotation will apply a -90 rotation :

To correct this problem, a user may first apply a 90 rotation :

Due to the 90 degrees rotation, the order of the corners will shift from :

This is important for users who want to georeference their images with known corner coordinates.
Thank you.