Well, I eventually figured out the problem.
I borrowed a friend's Motu to replace the RME, and it immediately developed the same problem (low gain). Now, it can't be the interface or the driver (since they both have the same problem), and it can't be the mic (since I bought a new one) ... so it had to be the cable.
I am too cheap to buy an XLR cable of the proper length, so I made up a long XLR cable by joining a whole bunch of spares. I tested the cable, and sure enough I was getting no readout in pin 3. Weird, because I tested them before and they were perfectly fine. So I disconnected all 5 cables and started testing them individually. When I isolated the problem cable, I opened it up to take a look.
It turns out that whomever who manufactured the cable did not apply insulation properly, and the bare wire in pins 1 and 3 were contacting each other when the cable was twisted. This sends either signal or 48V to the ground (I forget which pin is which), which manifests as low gain. It probably didn't manifest itself before because the screw-in clamp which holds the cable tightly was loose when I inspected it, this allowed the cable to rotate within the enclosure. I removed that cable and re-tested it. The problem has now gone away!
I am glad to close this chapter on what has been a very frustrating experience.