Hello,
This may be related to your Logic settings. If you only plan on using a Quad setup, then you can configure this in your Logic settings for the surround format.
If you are only seeing Stereo input meters, then you may have the plug-in enabled on a stereo track. My screenshot below shows what the plug-in should look like on a Quad track.

Note that if your Logic settings are configured for Quad, you can start with a stereo track and place Blackhole immersive directly on that track. You should see the option for Stereo > Quad which will allow you to upmix the stereo source into the Quad plug-in using the panner in Logic.
Let me know if that is helpful.