I am having very similar issues.
Im running Mac OS 12.5.1 on an M1 MAX Macbook pro. Have a new HDSPe MADI FX in a Sonnet Echo Express SE 1. Sonnet is recognised by computer (under system report / Thunderbolt ) .
Firmware updater fails to run and just exits immediately as initially reported here. Also tried on another M1 mb pro ( 12.6 ) and had the same issue.
I put the card in a windows 10 machine and successfully ran the firmware update. Tool now reports Firmware 220 Driverkit Comp / DSP 31.
I then plugged back into the Mac(s) and installed HDSPe DriverKit Driver (v 1.12) and neither machine recognises the card.TotalMix sees no hardware and no config window pops up when connected. Sonnet is listed in system report (thunderbolt) but nothing under PCI.
Only other thing is a green LED marked 'D3' is constantly flashing in Sonnet when connected. I can't find any documentation on what this means however (if anything).
Any help greatly appreciated!