Create shapes from vector layer not working

I work for a company with specific brand elements to use. These has been in my library for years at this point, added as vectors. I was always able to drag them into AE and create shapes out of them using the “create shapes from vector layer” option. 

For a month now, whenever I do try to do that, all of the shapes turn into a square - not leaving any traces of the original (sometimes intricate) design, no matter how deep I try to dig into AE.

I tried installing an older version of AE, tried reinstalling the new one - nothing seems to be working. I did not edit the library in any way, the elements are fully vector/working perfectly fine in all other adobe apps. 

I end up having to import the shapes I already created out of the same elements from my previous AE files, which affects my productivity. Any advice on how to tackle that?