I get the same result as well - there's no transparency.
Where did you get this .png from? - a Google/Bing search?
If so, maybe its a .png image that has been converted into a .jpg/.bmp file and then converted back into .png without transparency being retained. If so, that's not new - I've experienced that before years ago.
Easily fixed - put the image into an image editor and use its image erase function to replace the 'fake' opacity with true opacity.
That's an image with a fake transparency background. Whenever you are downloading alpha images from the net, you have to be careful, make sure they are true png alpha images at the point of downloading.
Or as Dexcon mentioned, drop it in an image editor to easily remove any obstructing background.
I use a transparent-background png as a watermark that I made years ago with PhotoShop... it just works in all my Vegas previews and renders without doing a thing other than drop it on a track above all the tracks I want it to affect.
@wayne-severson That checkerboard background indicates the image "began life" as a transparent image, and got flattened somewhere in the web jungle.
If you search deeper, as I have done for customers several times, chances are you will find the original transparent image somewhere on the internet. The little "Search by Image" icon in your Google Search window can help you a lot with that.