Hi Robin,
I understand that you're attempting to use an EPS figure created through MATLAB in your LaTeX document. I tried to reproduce the issue but didn't encounter the same problem in my document. It's possible that the bounding box is not correctly defined, leading LaTeX to allocate incorrect space for the figure. This misallocation can result in overlays or other layout issues, such as your caption being overwritten by whitespace.
1. Adjust the Bounding Box Manually
You can manually edit the EPS file to correct the bounding box values. Open the EPS file in a text editor, look for the %%BoundingBox: line, and adjust the values. This might require some trial and error to get right.
%%BoundingBox: 40 19 385 304
2. Convert EPS to PDF
Since you're using the dvi-ps-pdf chain, another approach is to convert the EPS file to PDF and then use the PDF version in your LaTeX document. This can be done using tools like epstopdf: https://www.mathworks.com/matlabcentral/fileexchange/5782-eps2pdf
3. Try Considering using the figure environment in LaTeX without specifying the [h] placement to give LaTeX more flexibility in figure placement, which might mitigate the issue.
I hope it helps to resolve your issue.