It does lock back reliably.Did you do the test with one round only in the mag, fire it and see if the bolt locks back? That is the first test, and will show if you have a low gas problem to fix, which is what it looks like to me.
That thing about the mag lips...that was my initial thought. Not the lips adjustment, but was thinking the cases weren't high enough. That's what I'm going to do next. Try for another .030 or .040 protrusion into the bolt path.I still think the bolt is skipping over the cartridge base on the chambering forward stroke. One simple approach to try first is slightly lifting the magazine lips of the steel magazine a little to make the top cartridge sit higher so the bolt will catch it coming forward. For this the work the bolt assembly has to come all the way back under gas pressure so it can strip the round out of the magazine coming forward.
cohunts post is accurate. It is either under gassed for the reasons I listed before or the buffer spring is too strong.