I am doing some experimentation with Virtual Entities, which is something I haven't touched in a long time, so I am hoping that I am just missing something basic here and someone can Rubber Duck for me...
I set up a new VE with R and RM events and registered it in an org I have had for a long time (the plugins are super-basic hello world stubs so there is no chance there is some external failure here). The RM event works fine, but when I go for the R, I get this rather odd permissions failure:

I am Sysadmin, of course, so my first reaction to this is "what the...?"
Then I read more documentation and learn that full CRUD actions are now supported by VEs (nice work, MSFT - I'm gonna use that!) and I realize that when I registered my plugin, I only saw R and RM options. "Aha!" I think to myself, "My org must be out of date only enough to not let me register those events, but current enough that it is checking to see if they are there and hence this 'create privilege' failure." So I kicked off a couple pending base solution upgrades, but being a good impatient developer, I then decide, "why wait?" and I jump over to my personal dev instance which just got spun up last week. Sure enough, when registering this time I get the full complement of CRUD messages and I add in a stub Create message this time that does absolutely nothing; just returns a new Guid.
However, no dice. Totally different org, now with a create step, and still I get that same error:

I'm not seeing it. What am I missing here?