WiX v4 Does Not Detect an Upgrade with Version, Upgrade Code, and Major Upgrade Seemingly Setup Correctly

In it's current state my WiX Installer has a Bundle project, with a Standard Bootstrapper Application, that references a single MSI project.

Once the Bundle is ran and installed, I bump the version of both projects from "1.0.0.0" to "1.0.1.0", build the Bundle project, and run the exe again.

For some reason WiX is unable to detect that this new exe is an upgrade. The log file shows that the Bundle and Package are both detected, but 'WixStdBAUpdateAvailable' evaluates to false. What am I missing?

Here is the log: Detected related bundle

Here is the Bundle:

<Bundle Name="MAS-iX" Manufacturer="Makino Milling Machine Co" Version="1.0.0.0" UpgradeCode="c7bc7601-a842-4ec0-bf94-4b5c74a89c03">
    <BootstrapperApplication>
        <bal:WixStandardBootstrapperApplication ShowVersion="true" Theme="hyperlinkLicense" ThemeFile="RtfLargeTheme.xml"/>
    </BootstrapperApplication>
    <Chain>
        <MsiPackage
              Name="Status Monitor"
              SourceFile="$(StatusMonitorInstaller.TargetPath)">
        </MsiPackage>
    </Chain>
</Bundle>

Here is the MSI Package:

<Wix xmlns="http://wixtoolset.org/schemas/v4/wxs">
<Package Name="MAS-iX Status Monitor" Manufacturer="Makino Milling Machine Co" Version="1.0.0.0" UpgradeCode="07cb3d25-a3e6-4929-bfbd-64b00c947abe">
    <MajorUpgrade DowngradeErrorMessage="!(loc.DowngradeError)"/>

    <Feature Id="StatusMonitor">
        <ComponentGroupRef Id="StatusMonitorServiceHarvest"/>
        <ComponentGroupRef Id="StatusMonitorServiceComponents"/>
    </Feature>
</Package>

Solution

The first line of the image that is a log file (why not paste the text in StackOverflow? That makes it much easier to reference), shows the upgrade was detected.

Update is used to refer to a newer bundle than the one you are running available (usually online). In this case, there is not.