Hi Alex,
The setting was disabled. Let's be clear on the issue at hand: The email IS being sent, however the activation link IS NOT being included in the email. It's being left off completely. The username and password is being sent correctly though, it is just the activation link which is not being included anymore. This started occurring after upgrade to JS 3.2.0.3 (currently at 3.2.0.5) and JFBC 6.0.4 (currently at 6.0.6)
1) Users are NOT currently being activated automatically in User Manager
2) There are no options under the jomsocial profile tab in the Profiles configuration area to select whether or not to skip activation.
I've attempted to disable many extensions to see if this will help but no success so far. I've attached two images for reference - a before upgrade and after upgrade.
I've also sent you a pm with admin credentials.