This is typically attributed to email filters that prevent the notification emails from reaching the intended recipient. Often, if an organization email address is used to receive the notifications, the organization's mail server may be blocking the message.
To confirm if this is an internal network behavior or a problem with the form itself, include a personal, non organization email address in the recipients list. If the notification is received to the personal email address, this is a great indication your organization's mail servers are blocking the incoming messages.
WordPress uses the IP address of the website along with a unique domain to send emails. To determine this information, you will need to review the email headers of the password reset email. Forward the email which you received to your personal email address to the IT department and request the email headers be reviewed to determine the IP address and sending domain. The IT department will need to whitelist these items to allow for successful delivery of the messages.