Reaper tracks operate in Stereo, mono material goes to 1/2 equally. If your track content is all Mono, Reaper is smart about rendering it to only one channel if you're bouncing tracks.
What you're seeing as a mono meter is just a stereo meter wth both sides moving together and no visible seam.
If there are stereo effects on one of the tracks you will might see both sides moving independently.
In the set up you describe, I'm not sure how you noticed a difference on one if it's mono output. Perhaps you are seeing an empty space? This could be because the tracks is mistakenly set to multichannel (4+ parent channels).
An easier set up btw is to use just one track and set the inputs to both microphones, and produce one stereo track.
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