Stringifying your value will get this to work.

element[Object.keys(element)] + ""}

If you needed it to be in its original array format before sending the result to your server you could use a function like this to do this

const strToArr = str => str.split(',').map(item => Number(item)) 

In my code here I have used your provided example and been able to replicate your error. But Stringifying the value removes the error and gets it to work as expected.

    
import React from "react";
import { makeStyles } from "@material-ui/core/styles";
import InputLabel from "@material-ui/core/InputLabel";
import MenuItem from "@material-ui/core/MenuItem";
import Select from "@material-ui/core/Select";

const useStyles = makeStyles(theme => ({
  formControl: {
    margin: theme.spacing(1),
    minWidth: 120
  },
  selectEmpty: {
    marginTop: theme.spacing(2)
  }
}));

export default function SimpleSelect() {
  const classes = useStyles();

  const followers = [
    { "0-50k": [0, 50000] },
    { "50k-100k": [50001, 100000] },
    { "100k-250k": [100001, 250000] },
    { "250k-500k": [250001, 500000] },
    { "500k-750k": [500001, 750000] },
    { "+1M": [750001, Number.MAX_SAFE_INTEGER] }
  ];
  const [value, setValue] = React.useState("");
  const handleChange = event => setValue(event.target.value);

  return (
    <div>
      <p>value - {value}</p>
      <div className={classes.formGroup}>
        <InputLabel id="followersL">Followers</InputLabel>
        <Select
          className={classes.field}
          fullWidth
          id="followers"
          labelId="followersL"
          margin="dense"
          displayEmpty
          name="followers"
          onChange={handleChange}
          value={value}
          variant="outlined"
        >
          {followers.map(element => (
            <MenuItem
              value={element[Object.keys(element)] + ""}
              key={Object.keys(element)[0]}
            >
              {Object.keys(element)[0]}
            </MenuItem>
          ))}
        </Select>
      </div>
    </div>
  );
}

add this defaultValue = "" like this <Select ... defaultValue="" >

This advice may be useful for others: If the value for Select element is object, it should be the exact instance of the object from the list of Options. For example:

const [test, setTest] = useState("");

//list of options for Material UI select
const testOptions = [
    {name: "123"},
    {name: "456"},
    {name: "769"},
];

//let's try to change value to {name: "123"} using JS
setTest(testOptions[0]);    // everything is OK
setTest({name: "123"});     // Error! You provided out of range value!

I ran into the same problem (you have provided an out-of-range value) when using a number state with a default value of -1:

const [selectedAccountId, setSelectedAccountId] = useState<number>(-1);

The solution to this problem was to assign an empty string for the value property in Material's UI Select component instead of using the default value of -1:

value={selectedAccountId === -1 ? '' : selectedAccountId}

Full component example:

<FormControl fullWidth>
  <InputLabel>Account</InputLabel>
  <Select
    id="account"
    value={selectedAccountId === -1 ? '' : selectedAccountId}
    onChange={event => {
      setSelectedAccountId(Number(event.target.value));
    }}>
    {allAccounts.map((account, index) => (
      <MenuItem key={index} value={account.id}>
        {account.exchange} ({account.id})
      </MenuItem>
    ))}
  </Select>
</FormControl>

I got the same error and I solved it by making sure that the default value and the other select values thereafter are the same, for example if the default value is a string like '' then the other values are objects it will show the warning so to avoid such a problem make the default value to be either a [] or {} or most preferably null