TLDR;
Visit the Meeting Insights user settings page to do a quick settings check to see if everything is set correctly.
Required Settings
Turn ON the following settings:
Cloud recording"
Cloud recording: Record an audio only file
Cloud recording: Audio transcript"
Note: If you do not see the "Audio Transcripts" setting on this page, you may need to upgrade Zoom to take advantage of our service. Audio transcription is a feature of the Business, Enterprise, and Education editions of Zoom.