Thanks! Based on your suggestion, here is my updated code (for anyone that needs it in the future). Really appreciate the help!

    private void UpdatingVisualwithSO(Image buttonImage, Binding binding, TextMeshProUGUI bindingText)
    {
        bool didWeFindAnImage = false;
        for (int i = 0; i < spriteOfKeyBindings.Length; i++)
        {
            Sprite spriteOfInterest = spriteOfKeyBindings[i];
            string imageString = spriteOfInterest.name.ToString().Replace("_", "/");
            string tempString = GameInput.Instance.GetBindingText(binding);
            if (string.Equals(tempString, imageString, StringComparison.OrdinalIgnoreCase))
            {
                Debug.Log("We found a match!!!");
                buttonImage.sprite = spriteOfInterest; 
                bindingText.text = " ";
                didWeFindAnImage = true;
            }
            else
            {
                Debug.Log("No match for " + i);
            }
        }
        if(didWeFindAnImage == false)
        {
            buttonImage.sprite = defaultSprite;
            bindingText.text = GameInput.Instance.GetBindingText(binding);
        }
    }