I've got the same problem as OP, all connections are good, I checked the power brick with a meter, it's got 24vdc. I spent 10 hours across 3 pcs trying to get it to work, oldest supported software and drivers to the newest, with no diffrent outcome. One thing I noticed is that my avast keeps saying that there is a crucial jump drive hooked to my computer that does not exist. One question I have that I can't find an answer to is that if the computer isn't getting encoder feedback will it attempt a calibration? It tries, moves a few degrees, lights up the rpm leds and blinks the ps4 light. I wish I had a Playstation to hook it to, I have no way to rule out a hardware issue.
It was a bad power brick from the factory, I don't have access to proper electrical test equipment at the time so I didn't have a way to put a current draw on the brick and could only verify voltage. Walmart had a universal laptop power supply that would power the wheel to aid my troubleshooting. https://www.walmart.com/ip/onn-65W-Universal-Laptop-Charger-with-10-Interchangable-Tips/882312537
G29 G920 not calibrating