FWIW, I have the exact same issue. I found that after I installed the upgraded SEP client on my SEPM (it had been running the previous version), the client build functioned for a bit. However, it stopped working after a bit, so it may have just been the SEPM reboot after the client upgrade.
I opened a support case and spent a significant amount of time troubleshooting the issue. In the end, there was no resolution other than to perform a complete uninstall, re-install, disaster recovery routine. I have yet to attempt this, as it's a significant undertaking. I'll likely end up finding a new server, building from scratch and migrating the current environment.
I've had successful upgrades since v.7.5 and have never had as many issues as with this latest version. Installation and upgrade went without error, but it seems there are a number of issues with things not functioning correctly, or not functioning at all...