The system library should show a “loading” message for a while, then show the contents of the library. After doing that, quit PowerPhotos and relaunch it.
Forcing Photos to load that album sometimes helps trigger a refresh in the background service to get everything loaded. If you receive an error message saying that PowerPhotos couldn’t load the system library, here are a couple things you can try to get things to show up properly.
PowerPhotos relies on a service provided by OS X to report the contents of the Photos system library, and it can happen from time to time that the service will report out of date content to PowerPhotos, or fail to provide any information at all.