alot can go wrong with MD display unfortunately. Definitely statistics was the first thing that came to mind. Not completely sure without seeing it. How big is it? would think the wireframe would be showing at the full extent. If it's a big data range and you've zoomed into a raster and still see a grey blob, it may be as simple as the area of elevation you're looking at having very similar values. In that case I'd adjust the symbology stretch to go by extent, and/or try a colour stretch rather than greyscale.
pixel type might be the issue, and there's the multitude of file types you can specify when adding a folder into the MD.