I have the same problem.
3.2U with WiiKey v1
Tried all 11 versions - nothing. No freeze, no pop up, just nothing.
I had FAT16 non-SDHC 2GB card, just boot.elf at root and the private folders.
I suppose I now have to look for a Twilight Princess disc. Any other pointers? TIA.
I may try the new ram site, and download more RAM to my Switch. Not sure if ddr3 is the right ram
for it tho. Edit- no it uses floppy Ram, just like @AncientBoi