The only time I saw that happen, was quite a while ago. The images were referenced correctly in the XHTML files, but with a wrong extension in the OPF. I suspect it was a anti-piracy measure. Since Sigil reads the OPF to see which files to read, the images were not loaded. I don't know if this has changed, at least Sigil also some special files in other directories like the META-INF.
Mind you, this was about 2-3 years ago.
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