I don't see any evidence that there was ever any pickups on the insulated wheels of either the locomotive and the tender. I always thought that they had pickups and that the engine would run alone. Many HO locomotives work that way. However, at least for this MTH Premier model, that appears not to be the case. It's wiring also reflects the way it is configured, and there is nothing to suggest this isn't the factory configuration.
Naturally, there is very little information on the MTH site about 2-rail in general, specifically how it's wired. Nothing has been ripped out, the tender has one wheel on the wheelset insulated, and the other brings the track power up to the frame. Since they depend on the two truck screws on the tender to provide power, I think I'll run a wire from at least one truck to get a better connection.