How long does it take between calling Verizon to set up the Hotspot feature until you are actually able to use it?
The solution for me was discovered after calling VZW for the third time and having my case escalated to Tier Two. It was to go to Settings -> General -> Reset -> Reset Network Settings. Then it power cycled and afterwards I was able to use the feature. Thanks @MrDaniel for the help.
Just did this the other day and it took less than 30 mins, its probably ready instantly after you add it to you account, but in practice it takes longer because it did not just start working automatically on the phone, the phone needed to call Verizon to get updates to what it could do first. I only needed to call them so that they could tell me to do steps 1 and 2 below. Knowing that you don't even really need to call them.
The next thing you do after adding the Mobile broadband features to your account is:
Note: if that fails then they say:
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