Although the location of babel is on my system path — which is set in ~/.profile — still Mathematica is not recognizing that:
    Environment["PATH"]
/usr/bin:bin:/usr/sbin:/sbin
and hence your RunOpenBabel function fails with the same error I listed. This is even after a system reboot.
The link you provide for changing the value of PATH will probably lead to chaos on macOS, because if the file .bash_profile exists, then .profile will not even be read by the shell, and .profile is where MacPorts and other apps place additions to PATH (along with various command aliases).
What's even stranger is the following. In a new Mathematica session, before loading MoleculeViewer, I evaluate the commands
    SetEnvironment["PATH" -> StringJoin[Environment["PATH"], ":opt/local/bin"]]
    Environment["PATH"]
and get output:
/usr/bin:/bin:/usr/sbin:/sbin:opt/local/bin
The last location there, /opt/local/bin is definitely where the obabel executable resides, as I can check with the Mac's system command:
mdfind -name obabel
And indeed, in a Terminal session I can evaluate, e.g., either of:
obabel -H
/opt/local/bin/obabel -H
and get the expected output.