Unreal 5.0.1 - Virtual Heightmesh broken?

Anyone having issues with getting the heightmesh working?

I have a 4.26 project that imports, the mesh displays/exists, but the material is fubar, it only shows on the one square (plus a bit)…

I’ve tried to rebuild materials, delete/recreate the virtual volumes and attendant textures from scratch in the UE5 version. The materials render fine in the editor but not on the mesh.

I tried to create a new project as a POC to make sure I wasn’t missing something. Set up the landscape w/material:

Set up volumes, made sure the landscape renders to each, created a heightmesh object, set the settings, built the minmax texture, and nothing…not even a mesh:

(note wireframe mode):

I OUGHT to at least see a flat-mesh right, even if there is no height information flowing?

Time and effort was spent on the cpu to build the minmax texture so unles I missed something, and I could have, I am unsure why I am seeing what I am seeing.

Is anyone seeing anything funky around the height mesh?