The duo have never canonically interacted, being from two separate games. However, they do interact in the Ultimate Talent Development Plan bonus mode.
In their event, Leon found Ibuki while walking in the halls and started a conversation with her. He asked her about making a band with him. Ibuki thought he was going to be a guitarist or drummer, but he then told her he was going to sing. Leon then asked her to join his band as a composer, writing song lyrics for the lead singer. After Leon reminded Ibuki of the question again, she declined, apologizing for rejecting Leon's offer.
However, it is worthy to note that both Leon and Ibuki share passion for loud music. As proven by SDR2's third chapter, Ibuki prefers to perform music in which she screams and makes excessive noise, much to the distress of her classmates. This somewhat mirrors Leon's desire to play rock music, which would call for some of the techniques that Ibuki utilizes.
The two are also similar in their ability to be loud and energetic. Ibuki is known for her ability to inspire and rile up her friends, all while keeping up a loud and proud attitude. She tends to be very far from dishonest, saying it as she sees it. Similarly, Leon is shown to be straightforward and blunt about his thoughts, also being a relatively 'loud' character in the cast.
The ship sailed as fans knew about Leon's dream of becoming a musician. Since Ibuki's talent is known as the Ultimate Musician, some fans figured that Mioda could adequately aid Leon in his ambitions. As such, it's shipped for a similar reason to Leosaya, however, lacking the killer x victim status that its rival ship possesses. For this reason, some may find Leobuki to be a stronger, more preferable alternative.
However, being a ship between characters from different casts who only interacted once in Ultimate Talent Development Plan, it's a relatively rare pairing. It loses in popularity to both characters' main ships, such as Leosaya or Band Aid. The ship is overshadowed, but people still acknowledge it.
It is also theorized by some that the two likely interacted during their forgotten years at Hope's Peak academy. Since the duo are both musically inclined, it can be speculated by some that Leon likely sought Mioda's help as he pursued his musical ambition. Despite their being in different classes, an interaction like this could have been possible off screen.