It would help if we knew exactly what we are looking at.
It looks like you have several things going on there with the Free Transform > Warp, and the heavy stroke.
What order was that done in?
Did you use Smart Objects and nest them as you added effects?
Photoshop can certainly get things wrong when it processes a number of effects in the wrong order. You can usually overcome this by rasterizing, adding a copy merged layer, or making the finished object a new Smart Object.
I tried to get Photoshop to duplicate your issue, but was unable to.
It might make a difference that you are exporting to PNG, and I assume with transparency.
All I can tell you is my rough workflow, (if I remember)
OK, not as copmplex as I was thinking. Made the Type layer and crowded the text leading and line spacing.
Made it a Smart Object because Type layer warp better as SOs
Added the big Stroke on the outside.
Is that more or less what you did?
