The issue is resolved by making sure the video-chat app you are using (e.g., Zoom) is paradoxically NOT updated to the one for Apple M1/Silicon, but rather the macOS video app version that is intel-based. My guess is that as long as the fujifilm webcam utility remains an intel-based one (which it remains as of Jan 20, 2021), it will only work and show your camera if your Zoom or other video utility is ALSO an intel-based application. (I think this applies for any utility/application for that matter, like Canon’s EOS webcam utility, which also did not work on my M1 silicon mac mini until I uninstalled the Zoom application I had for Apple M1 computers and reinstalled the latest Mac version for “regular” Macs).
if you are not sure if your Zoom or similar app is the version for Apple Silicon or Apple Intel, open and navigate to System Information under the apple logo upper left, and scroll down through all the info about what’s on your computer to “applications” click on that and then scroll down to Zoom or whichever video-application you use and it will tell you if it is Intel or Apple Silicon.
Again, another very amateur guess here, but if at this early stage of M1 chips in Macs means many Intel apps need to use Rosetta 2 behind the scenes to “talk” to and be compatible with your Apple Silicon/M1 computer, then I imagine both applications (Fujifilm and Zoom) need to be Intel versions. You won’t know if they are by simply looking at the Zoom application version—ie both will be “version 5.7. 9” at time of this writing, and only if you go into your device’s system info as noted above can you know if your Zoom is intel or silicon.