I have had the same problem and not found a good fix yet. I think the problem lies in that the geometry of the shapefile is in a PointZM format (which includes elevation in meters) rather than strictly a lat-lon format.
QGIS seems to choke on this but there is bound to be a solution easier than what I came up with: to import the shapefile into postgis, then convert the geometry to Point type. You lose elevation values so not a great fix.
Yes, now the Shapefiles from ReachView 3 are tailored to be used with the projected systems. But we’re working on implementing geographic coordinates into the exported Shapefiles. It will improve the compatibility of the Shapefiles from the ReachView 3 app. I can hardly share the exact date of its release, but I’ll surely let you know about it.