Hi --
I'm having the same issue actually. I've read a lot of conflicting information on it, and have been unable to resolve.
I'm running a 5.0.2 Switch
Using a Macbook Pro
Using a SanDisk Ultra 64GB Micro SD
Card was originally formatted as ExFat, then I reformatted it to MS-DOS (FAT32). HBMenu v2.0.0 loads up like above, but it won't register any .nro files or folder.
I've read that it should be formatted as follows:
root > switch (folder) > .nro files (or nro folder > .nro file)
Any advice or help? Looking for a solution. Thanks!