UPDATE: I have several other WP sites running on this server. I decided to install Jigoshop on another site just to test this updating issue.
On a separate site on the same server with a different major theme and plugins all active Jigoshop settings update just fine.
Two other obvious notes of interest:
1.) On the non-working site the default settings come up for the first alphabetical listing (Afganistan, etc.) whereas on the working site I just tested the defaults are U.K., etc.
2.) On the non-working site the System info (detailed above) shows all Jigoshop pages as “Page not Set” even though pages did get created in the WP Pages listing. On the test set I just tried the Jigoshop pages get create and set normally.