When the host app of a host/AUv3 extension pair tries to find the audio extension it fails. The system should have scanned the bundle for the extension, but this appears to fail. This basically happens in SimplePlayEngine.initComponent.
I've seen this intermittent problem for years. There are many sometimes-effective workarounds that I've gathered and used, but the problem still exists. It is not a problem of validation -- the same AU can validate in some run cycles and then not be found via the host app in others.
I've got a Feedback Assistant ticket for the latest iteration of the problem (FB22860885), which has affected beta testers. Usually I only see this when developing with Xcode myself. So even though the testers' app lives in ~/Applications it is still failing for some of them.