You could probably check the Event Viewer on your machine -> Application to see if there are any errors logged, which could explain why your log files aren’t being generated.
However, the most probable reason is that IIS doesn’t have a permission to write to that log folder.
- Right click on the folder -> Security
- Ensure that IIS_IUSRS user has the following permissions: read and execute, list, write (potentially write is missing by default)