Update: ZWO tech support got back to me the next day and suggested that I try running the camera on Windows, with the ASI software, connected directly to the computer (not via a hub). I did that and the camera worked correctly. Got a reasonable FPS, and it returned images with no issues.
I then connected it back to my mac (Mac OS 10.15.7 on a 2017 Macbook Air, usb3.0), used both the ASI software and Nebulosity, and the camera returned images correctly. No explanation as to why this now works, but it does.