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Please see https://www.ptc.com/en/support/article/CS311063.
It turns out View Adapters are currently not supporting different representations for publishing Inventor assemblies and always visualize "Master Rep" only.
It is even documented that way in "Creo View MCAD Adapters Installation and Configuration Guide", see the attached screenshot.
Sadly that's not acceptable for our users and use-cases within Windchill. Designers expect the published assembly to look like they saved it, showing the active representation in Inventor, not always Master. It's dangerous too, because components might have to be surpressed, different color-encodings are used for certain components, etc. All is lost by blindly visualizing "Master Rep".
Please consider implementing proper behaviour (like implemented for Creo) in a future release. Thanks!