Diagnosing Blackmagic 2110 IP Presentation Converter

Just got a brand new 2110 IP Presentation Converter and I was testing it out. The unit powers, a Mac does recognize the USB-C device (though not as a monitor), and the Mac does recognize the device as a HDMI display and is able to extend the desktop to it. However I cannot get the converter to recognize the input in any way. No thumbnail on the screen, nothing on the vumeter and nothing on SDI output. I did try switching inputs between USB-C and HDMI modes. I tried different modes and rebooting and everything I could think of. I do not have 2110 gear so the device was not connected to a network.

Any ideas if there could be some setting that I am missing or if there is anything particular I should test to verify if this is a faulty unit or if I am missing something obvious? It is supposed to show the image on the display, right?