Hello pvharmo,
According to the screenshot every camera position is set up to (0,0,0) coordinates and PhotoScan is trying to reference the model using this information. But it cannot lead to the correct result, as the camera positions are not related to the same real world point.
You need to clear all the coordinates in the Reference pane (or uncheck all the cameras there), switch the coordinate system to WGS84 in the Reference pane settings dialog and Reset Transform for the chunk from the context menu after right-clicking on the chunk's label in the Workspace pane.