Media Encoder Reports Software Only Rendering

I'm stacking up a list of MPEG2 VOB files to render to MP4 and I noticed that the "Renderer" reports "Mercury Playback engine Software Only."  And indeed when it's rendering all the business is going on in the processor. The GPUs are idling. I have a brand new nVidia 5080 with the latest studio driver.  Why doesn't  AME think it's there?

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System info
    Application: Adobe Media Encoder (Beta) v26.1.1.29
    OS: Windows v10.0.26200, RAM: 63.79 GB GB, CPUs (logical): 16