OpenShift 4.5 IPI on vSphere: MachineSet is not scaling properly and Machine shows as Failed

Issue

• Attempting to scale up a MachineSet isn't showing all ready:

# oc scale --replicas=4 machineset/lab-qh8hq-worker -n openshift-machine-api
# oc get machineset  -n openshift-machine-api
NAME                 DESIRED   CURRENT   READY   AVAILABLE   AGE
lab-qh8hq-worker    4         4         3       3           81m

• Newly scaled up MachineSet shows Failed Machine:

# oc get machines  -n openshift-machine-api | grep -v Running
NAME                       PHASE     TYPE   REGION   ZONE   AGE
lab-qh8hq-worker-8ftcp   Failed                           8m8s