I found the problem!
The override was enabled and configured to show random content always. (General Options -> Override content? option)
I’ve also selected the product_tag taxonomy to match, as the simple tags doesn’t work with products, only posts and pages. Now it displays 1 element on the page with a matching product tag.
The rest is not displayed because they all match one category/term from the excluded categories list. (Advanced Options panel)Best,
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