Hi @maxstub ,
If you are using caching plugins on your site, please make sure you refresh the site properly and clear the caches.
After creating a new term under Products >> Attributes, that term is global, not for all products.
You must open the Attributes tab of the Product Data single product page to add that term to the corresponding attributes first: https://prnt.sc/2hIa0mtZtJYF.
Then you can go to the Variations tab and click on Bulk Generate button to generate variations based on all the chosen terms specified for the chosen attributes of the current product.
WooCommerce requires that the process of creating variations must be: Attributes >> Variations >> Variation prices.
Best regards.