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I've got an update. Today, I tried updating to the latest Sequans firmware and experienced strange issues. I tried updating to the latest firmware, downgrading to earlier release firmware, still problematic. Leaving the modem at 1.17, I unplugged and left it alone for a while. A few hours later, reconnected and tried running the exact code in this thread. So, at this point, the FiPy firmware and modem firmware are identical to when I first experienced these issues. This time, everything worked. I could successfully open sockets, send receive data, etc.
This allows me to close out my evaluation of the FiPy modem. It seems there are still some major functional and reliability issues to be resolved from all parties, Monarch/Sequans, Pycom, and Verizon. I'll revisit this in the future and in the interim, drop in on the forums from time to time to see what current user experience has been.