One simple thing to check is the suction hose from hydraulic sump to the hydraulic pump inlet.
On some tractors - especially HSTs - that suction line is an inaccessible internal passage, but on many models the suction line is an actual external hose. Even the smallest pinhole air leak can prevent the pump from drawing hydraulic fluid up from the sump.
The same thing can happen with a spin-in hydraulic filter with a leaky seal.
As you say, it could also be a hydraulic relief valve failure, but my experience is that relief valves make a definite loud sound when their small orfice is suddenly trying to handle full flow. Worth looking for, though.
After that I'd rig up a hydraulic T fitting, a 5000 psi pressure gauge, and a handful of various QA and threaded adapters so as to start looking at pressures. BTW, Kubota's shop manuals usually have a really good chapter on hydraulics with illustrations of how it flows.
Also in favor of the shop manual is that I'd be surprised if the larger Kubotas didn't have a selection of pressure test points.....that would save you from needing all those adapters.
rScotty