sharepoint online – KQL for Retention Policies not working

I’m trying to auto-apply a retention label to content types on a site using an auto-apply policy in the Compliance Center. The Policy is set to apply to SharePoint and location set to a specific site. The KQL query in the label conditions setting is contenttyype:”Business Case”

The policy was published several weeks ago and is not applying to the content type at all. I have checked the syntax using SearchQueryTool and found all results. I’m having real trouble identifying the root of the problem, whether it is syntax or label settings, site settings or something else I’ve missed on my tenant. I have an E5 license btw.

Does anyone have any idea how to troubleshoot this issue?