Roles are not being assigned to approved users

I ended up writing custom code to get around this. Tweak as needed:

add_action( 'bp_core_activated_user', 'auto_add_user_to_bp_and_bbpress_roles' );
function auto_add_user_to_bp_and_bbpress_roles( $user_id ) {
    $user = new WP_User( $user_id );
    // Check if the user has one of the roles to ignore
    $roles_to_ignore = array('administrator', 'buddypress_admin', 'system_admin', 'buddypress_moderator');
    if (array_intersect($roles_to_ignore, $user->roles)) {
        // Do not update the fields for users with one of the roles to ignore
        return;
    }
	$user->set_role( 'bbp_participant' );
	$user->add_role('subscriber');
    $member_type = 'members';
    bp_set_member_type( $user_id, $member_type );
}
add_action('wp_login', 'my_first_login_function', 10, 2);
function my_first_login_function($user_login, $user) {
    // Check if it is the user's first login
    $first_login = get_user_meta($user->ID, 'my_first_login', true);
    if (!$first_login) {
        // Run your code here
        auto_add_user_to_bp_and_bbpress_roles($user->ID);
      // Update the user meta to indicate that the user has logged in for the first time
        update_user_meta($user->ID, 'my_first_login', true);
    }
}