Solved! Go to Solution.
"Canon recently released the EOS Webcam Utility Beta which now allows you to live stream using specific models without a capture card."
That is incorrect. The Webcam Utility Beta was never intended for Live Streaming.. It was meant for video conferencing applications. This was clearly spelled out on the download page.
Some live streaming apps might see a Canon camera device that appears as if it can be selected. You had a happy accident with your M50 and OBS.