Any USDZ file exported from Reality Composer fails to import into Reality Converter. Every USDZ file I have exported from Composer (even just a cube with a default glossy paint finish anchored on a horizontal surface) fails on import to Converter with the message "Conversion Failed: 1 Error". I suspect that the problem is with Composer and not Converter, since USDZ files created by other means import into Converter just fine.
Steps to repro:
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Enable USDZ export in Reality Composer (Preferences/Enable USDZ export)
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Add a cube
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Export USDZ, current scene only (although this seems to make no difference)
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Open Reality Converter
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Drag USDZ file from step 3 into the window
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Observe error message
Better import diagnostics would be good too.