You're right. Between your info and taking another look at it when I get home, I realize the problem: That bolt is assembled backwards. The pin that holds the bolt in place must have some adhesive, because nothing I can do has budged it any.
As you can see in the picture, what you're looking at is the back bracket (under the fender) as if you were facing the back of the bike. With this configuration, the bolt is faced where it would have to be pointing towards the tire, which means it can't lock because the metal protrusion is facing the same direction. Also, it means I would have to take off my fender to get the wrench in to tighten it and lock it in place. Either way, because of the bolt facing the wrong direction it adds about an half an inch more space than it should be, which rotates the brackets where they don't line up with the other bolt locks.
Also one of the metal protrusions appears to be warped as it looks different than the other 3, like its only holding on by one welding spot.
If I could just remove the pin, turn the bolt facing the right direction (towards the fender, not towards the tire) I think I could make it all work - but I can't for the life of me get that pin to come out - so it looks like I'm stuck with an RMA due to mistaken assembly