I got money its the STC fitting...Dummy plugs with blown orings will still usually allow 250 - 350 psi to build. The STC fitting has probably seperated and you simply cannot build any pressure at the sensor in the rail. I don't think an IPR could relieve pressure fast enough to only reach 30 psi if it wanted to.
Also, to air test, the external IPR power supply is not needed for testing with shop air. Turn the key to your truck to "on" and the IPR will be commanded to 15% duty cycle. The IPR is a regulator, not a gate valve, so you are not opening and closing with your signal, you are setting a relief pressure. 15% DC is more than enough to build a few hundred pounds of pressure in the system. This is plenty to easily find dummy plug leaks, STC fittings, or injector orings. And you don't risk damaging the IPR with full signal for too long. Now, some problems require higher pressures....like split HPO rails....and you will need some way to command the IPR to hold much higher pressures. But for that, you would be using 1000 psi or so nitrogen. So, if you're only using shop air, KOEO will hold fine.