Peter, it took a few hours last night, but Martin and I managed to find that some query rewriting was throwing his use off.
However, yours may be a different case. It looks like the shortcode defaults to "all" if you don't explicitly pass in a post type for the badge you want. However, it doesn't appear to do anything conditionally if that's the value. This would be an issue that we want to fix. That said, for the time being, may be good to pass in a specific one until this is set to actually query for all of them. I'll be filing a bug for it.