What happens if you only start the machine simulation, leave bluestacks closed for now, and open a web browser and try to access the IP address 192.168.168.1? If you can't reach that machine web UI like that there is some config work necessary outside of bluestacks.
Do you get an error message in the machine simulation, like YAMS proxy error?
Did you follow the troubleshoot chapter in the manual 4.1.6 "Required port is occupied". The PDF is in the same folder as the .EXE for the machine sim.
You might have to stop the http service before starting the machine sim. The machine sim needs to be able to start it's own web/dns server.
You also might try to install a fake Ethernet adapter. See my old post number 61 here
https://community.trimble.com/communities/community-home/digestviewer/viewthread?GroupId=397&MID=31299&CommunityKey=d961b046-1661-40f3-8d7e-0bde6866a14d&tab=digestviewer