Thanks @lottemint.md trying this and inspecting the result of the action made it clear to me that the action code was not producing any value.
I went back and corrected the action to stringify the input text versus, then parse it before passing it to the convert function-- like so:
function(properties, context) {
const {convert} = require('json-to-bubble-object');
var jstring = JSON.stringify(properties.json_string);
var jstring = jstring.replace('{"ResponseCode":200,"ResponseText":"OK","Data":','');
var jstring = jstring.replace('{','[{');
var jstring = jstring.replace('}}','}]}');
var jstring = jstring.replace(/","/gi,'"},{"');
var jstring = jstring.replace(/":"/gi,'","Display":"');
var jstring = jstring.replace(/"7/gi,'"Value":"7');
var jstring = jstring.replace('[','{"ResponseCode":200,"ResponseText":"OK","Data":[');
var jstring = JSON.stringify(jstring);
var jobj = JSON.parse(jstring);
var obj = convert(jobj);
return {"options_object_list": obj}
}
However, I am still getting no results in the app preview. I am sending results to a custom state, referencing the correct object. I am also using that state on a simple text field as well as the drop down field just to see if the results vary by element and still nothing.

