What a strange problem.
I found several YouTube videos about "fixing" it by manually assigning a drive letter using the Disk Management Tool. For example,
https://www.youtube.com/watch?v=pjotE0sFegQIf anyone else has the problem, the fastest way to open the Disk Management Tool is to run
diskmgmt.msc
You may have to run diskmgmt.msc as Administrator.
If you don't, the option to Add or change the drive letter may be grayed out.
You can also run
compmgmt.msc
and click where it says Disk Management.
Then right-click the volume of the external drive, click the Add button, and assign your drive letter.
What the videos didn't explain was why this happens.
It sounds like a Windows 10 "feature" (aka bug) that got backported
to Windows 7.