System fails to boot, printing "Core dump to |/bin/false pipe failed" in loop

Issue

• After a kernel update, the system fails to boot while in the initramfs, the following messages are seen on the console

  [    1.691805] systemd[1]: systemd 239 (239-41.el8_3.1) running in system mode. (+PAM +AUDIT +SELINUX +IMA -APPARMOR +SMACK +SYSVINIT +UTMP +LIBCRYPTSETUP +GCRYPT +GNUTLS +ACL +XZ +LZ4 +SECCOMP +BLKID +ELFUTILS +KMOD +IDN2 -IDN +PCRE2 default-hierarchy=legacy)
  [    1.696168] systemd[1]: Detected virtualization kvm.
  [    1.697065] systemd[1]: Detected architecture x86-64.
  [    1.697943] systemd[1]: Running in initial RAM disk.
  
  Welcome to Red Hat Enterprise Linux 8.3 (Ootpa) dracut-049-95.git20200804.el8 (Initramfs)!
  
  [    1.701170] systemd[1]: Set hostname to <HOSTNAME>.
  [    1.732133] Core dump to |/bin/false pipe failed
  [    1.733024] Core dump to |/bin/false pipe failed
  [    1.733920] systemd[249]: /usr/lib/systemd/system-generators/systemd-debug-generator terminated by signal ABRT.
  [    1.736030] Core dump to |/bin/false pipe failed
  [    1.736943] Core dump to |/bin/false pipe failed
  [    1.737870] systemd[249]: /usr/lib/systemd/system-generators/systemd-hibernate-resume-generator terminated by signal ABRT.
  [    1.754565] Core dump to |/bin/false pipe failed
  [    1.763374] Core dump to |/bin/false pipe failed
  [    1.765598] systemd[249]: /usr/lib/systemd/system-generators/systemd-fstab-generator terminated by signal ABRT.
  [    1.767220] systemd[249]: /usr/lib/systemd/system-generators/systemd-gpt-auto-generator terminated by signal ABRT.
  [    1.775089] systemd[1]: Reached target Slices.
  ...