New Google Ads Search campaigns getting 0 impressions and €0 spend for 4 days despite being eligible

I launched a new Google Ads search campaign on a fresh sub-account under an MCC, and I’m trying to figure out why it’s getting zero impressions and zero spend after several days.​

I’m running a search (ad) → our review landing page → merchant offer page funnel.

Timeline​

• Thursday evening
• Launched the test campaign
• Bid strategy: Maximize Conversions
• Campaign approved quickly

Friday morning

• Status: Eligible
• But spend = €0
• Impressions = 0

At that point I suspected the issue might be conversion tracking, so we:

• Properly installed a Google tag on the landing page
• Checked tag installation
• Ensured conversion tracking was present
• There were no errors about tracking anymore

Friday afternoon

• Noticed that status changed to "eligible (limited)" in the account overview

Friday evening

• Still no impressions or spend
• Changed bid strategy from Maximize Conversions → Maximize Clicks (because now google allowed me to, previously it didn't)
• The overview switched from "eligible (limited)" to "eligible".

Saturday

• Still no impressions
• Duplicated the campaign
• Switched the duplicated campaign's bidding to manual CPC

Manual CPC setup

• Most keywords: €2 max CPC
• A few higher-price keywords: €3 max CPC

These