The issue appears to be that we are using the same service account for the Registration user and the Collector user. When I removed Administrator access from this service account, the license was no longer seen by VCOPS because it didn't have permissions. I would think VCOPS only needs to register once, so not sure why it would have become unlicensed. I gave the service account permissions again and got the license working correctly. I then moved the service account in vCenter to a role with only the identified required permissions, and I'll be watching to see if the license stops working.
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