This is our IRC server, I am one of the admins. When the incoming connection is seen on the server side, it is correctly identifying my public IP (Client connection on port 6667: Marsman@my_public_ip). What I see coming back from the server is: Welcome to the blah IRC Network Marsman!marsman@irc_server_ip
If this is happening with different IRC servers, the most likely reason is that the IP address was only recently assigned and is still propagating, so a reverse DNS may or may not work until the propagation is complete, which can take up to two days.
If an IP address is specified in the numeric 001 reply (only some servers include it), mIRC will use it as your local IP address, since that is what it should be, instead of performing /userhost later on. I was not aware that some servers replace it with their own IP address if a reverse DNS fails. Unfortunately that makes the reply unreliable. It may be that the server does the same to /userhost replies as well, which would mean that mIRC would be unable to lookup your local IP address.