Categories with one object are equivalent to monoids.
$2$-categories with one object are equivalent to monoidal categories.
Therefore, I am wondering whether double categories with one object are equivalent to some known or interesting algebraic structure. I can see that it consists of two monoids that are related in some way by the $2$-cells, but I don't recognise this as any structure I know about. Can anyone else?
The short answer is that one-object double categories do not correspond to any well-known structure. However, I'll give an explicit description, and a more abstract characterisation, which gives a little more intuition for what's going on.
We can perform a similar analysis as that for a one-object 2-category to describe explicitly a one-object double category. However, upon doing so, it becomes clear that double categories are much less amenable to horizontal decategorification than 2-categories, primarily because their data is highly interdependent, making the one-object structure not much simpler than the many-object structure. For example, a one-object 2-category is a strict monoidal category, which is a category equipped with extra structure. However, a one-object double category is not a simpler structure equipped with extra structure (e.g. monoidal structure): it is not possible to remove the monoidal structure from a one-object double category without breaking composition. We will see why this is shortly.
Let me first note that we can gain intuition for one-object double categories from the graphical representation of double categories (i.e. by considering the underlying grid-like graph). In the 2-categorical setting, when we restrict to one-object 2-categories, the vertices of the underlying 2-graph of the 2-category become trivial, so can be safely done away with: then, the edges of the 2-graph become vertices and the 2-cells become edges. Thus, the 2-graph becomes a graph. A double category is like a 2-category, except that the 2-cells are facilitated by vertical 1-cells. Thus, when we perform the same graphical reduction, the 2-cells no longer become edges, but become instead a notion of "crossed edges", combining both horizontal and vertical data.
Let's unravel the definition of a one-object double category, giving us an explicit description.
A one-object double category consists of
such that:
From this definition, we can clearly see why double categories are problematic compared to 2-categories: we cannot remove the horizontal (resp. vertical) monoidal structure without losing the ability to compose vertically (resp. horizontally). Thus, the entire structure of a one-object double category is necessary: it cannot be obtained by simply equipping a simpler structure with monoidal structure, unlike the situation with a one-object 2-category.
This definition is very hands-on, but by considering the definition (for instance, by observing that horizontal and vertical composition appear to some extent "functorial"), we are led to a more abstract description, closer to what we were originally seeking. In the following, $\mathbf{B}(M)$ denotes the delooping of the monoid $M$, i.e. $M$ viewed as a one-object category.
Proposition. A one-object double category is equivalently given by
such that the following diagram commutes, expressing the interchange law; where $\mathrm{Mor}_\square$ is the set of compatible squares; $\mathrm{Mor}_\shortparallel$ is the set of compatible horizontal pairs; and $\mathrm{Mor}_=$ is the set of compatible vertical pairs.
Extensions to one-object triple categories, and $n$-fold categories in general should in turn be clear.
Although this isn't what we might have hoped for, as the data is still quite complex, I think this is probably the best that can be done. I would be interested to know whether these structures, or structures in a similar vein, appear anywhere naturally.
An interesting special case is when we consider a double category with one object, one horizontal morphism, and one vertical morphism. This comprises a set $D$ equipped with two monoid structures $(\otimes, I)$ and $(\odot, J)$ such that: $$(v \otimes x) \odot (y \otimes z) = (v \odot y) \otimes (x \odot z)$$ However, by the Eckmann–Hilton argument, the two monoid structures coincide, and so such a double category is equivalently a commutative monoid.