Are you running it as administrator? There should be an epoupdater log in the logged on user temp\mcafeelogs folder and possibly also in C:\ProgramData\McAfee\ePolicy Orchestrator\ePOUpdaterLogs folder.
Did you also try re-downloading the update? Perhaps it didn't download properly. Go also to properties of the zip file before you extract it and ensure there is no option to unblock the file.
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