I took a closer look at the previous comments and yes, as someone else mentioned my mistake was putting the files under *C:/Program Files...* instead of ***C:/ProgramData...***. For anyone else reading this thread, take note and copy this exact file path from the README doc when extracting your files:
C:\ProgramData\Blackmagic Design\DaVinci Resolve\Support\IOPlugins
As the instructions mention, you may need to create the IOPlugins folder. Thanks Vouk admin!