A family of Microsoft word processing software products for creating web, email, and print documents.
Spontaneously, this started happening to me too and I have found a solution, thanks to a friend who is a graphic artist. I use Word for Mac 2016.
Click on the empty box where photo should display in document.
Select <Format Picture>
Select <Wrap Text>
Select<In Front of Text>
This should make the picture display. I'm not certain yet how to make the entire document-worth of pictures display in one command, but at least this achieves the objective one by one and perhaps someone with more know-how can reply.