I do not see a change in /sys/kernel/debug/gpio before and after moving the switch. I get this either direction:

root@GL-MT300N-V2:~# cat /sys/kernel/debug/gpio
gpiochip0: GPIOs 0-31, parent: platform/10000600.gpio, 10000600.gpio:
 gpio-0   (                    |BTN_0               ) in  lo
 gpio-3   (                    |BTN_1               ) in  lo
 gpio-11  (                    |usb                 ) out hi

gpiochip1: GPIOs 32-63, parent: platform/10000600.gpio, 10000600.gpio:
 gpio-38  (                    |reset               ) in  hi
 gpio-42  (                    |gl-mt300n-v2:green:p) out lo
 gpio-43  (                    |gl-mt300n-v2:green:w) out hi
 gpio-44  (                    |gl-mt300n-v2:red:wla) out hi

I know the switchaction script is being executed when I flip the switch because I threw some debugging in there, so the switch itself seems functional.