This may be because geometry collections are hidden from hardware raytracing by default. You can try enabling it with this cvar: r.RayTracing.Geometry.GeometryCollection 1
Edit: If you are on 5.5 then you will also need to ensure that you disable Nanite on your geometry collections, as the fallback geometry (which is used for hw raytracing and pathtracing) is broken in 5.5.