I'm having this issue as well.
I downloaded and setup Inno, I downloaded the B4JPackager.jar.
When I run the B4JPackager.jar, the form opens, I enter the correct paths/info, and then run it.
The form disappears, no folders open up, and I can't find a "bundles" folder. I searched for it and no results.
I looked in: C:\Users\User\AppData\Roaming\B4JPackager but there is no bundles folder. There is a copy of the jar file compiled from B4J, but it's only 1 Kb larger. There's nothing in there approaching 40Mb