I ran into the same issue on a Kobo Clara HD with a Linksys WRT1200AC running OpenWrt 18.06.2. The Kobo saw and connected to the network on the first power-up out of the box, and used the network to download an update. After installing the update and rebooting, the Kobo was unable to see my network at all, but listed other networks on the same channel. I also tried a factory reset, but the network still didn't appear in Kobo's network list. When connected to a different access point, it did not try to update again, though, so I suspect the factory reset only cleared settings rather than reverting the update, and the problem was introduced by the update. Currently on 4.15.12920, no idea what the factory firmware version was.
So I used Wireshark in monitor mode to compare the beacon packets between the access point in question and another access point that was visible to Kobo, tweaking the OpenWrt config to try to make them as similar as possible. I discovered that the difference that mattered was in the "Supported Rates" element, where the access point not seen by Kobo had the value "1(B), 2(B), 5.5(B), 11(B), 22, 6, 9, 12", and the working access point had "1(B), 2(B), 5.5(B), 11(B), 6, 9, 12, 18" (higher rates are in a separate "extended supported rates" element).
Editing OpenWrt's /etc/config/wireless to add the following lines under the `config wifi-device 'radio1'` section corresponding to the 2.4GHz network fixed this issue for me:
list 'supported_rates' '1000 2000 5500 11000 6000 9000 12000 18000 24000 36000 48000 54000'
list 'basic_rate' '1000 2000 5500 11000'
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