Pretty common occurrence, not usually anything to get worried about.
I've even had the low range light come on when 4x4 was engaged but low range wasn't, and sometimes after disengaging 4x4, unlocking the hubs, and driving. Sometimes it just comes on when the vehicle is first started, and either goes off the next time, or sometimes it takes turning 4x4 and low range on then off for it to go away.
Usually the light when it just comes on by itself is dim compared with a bright light when low range is actually engaged.
It might just be the switch itself, or the sensors/wiring from the TC to the switch are sending a false signal, but not a strong enough one to fully illuminate the bulb.
Either way, just because the light is on doesn't mean low range is engaged or that anything with the transfer case is any different than it was seconds before.
If the transfer case suddenly went to low range when driving, you'd know it.
As for a possible fix, might be worth taking the dash apart to pop the switch out and check out the circuit board and bulbs for any corrosion, check the wiring and connectors, and maybe even get under the vehicle and check out the transfer case and wiring. I'd guess dropping the transfer case and pulling apart the electric motor to check everything out would also be a good thing to do, both in terms of maintenance and discovering any issues.