Network Operator Degraded After Installation When Using UserManaged LoadBalancer with Missing VIP Network in Machine Networks

Issue

• When deploying an OpenShift cluster using the UserManaged LoadBalancer type[0], the installation fails. However, the cluster becomes available except for the network operator, which remains in a degraded state with the following error:

$ oc get co/network
NAME      VERSION   AVAILABLE   PROGRESSING   DEGRADED   SINCE   MESSAGE
network   4.16.x    True        False         True       152m    Error while synchronizing spec and status of infrastructures.config.openshift.io/cluster: Error on validating API VIPs and Machine Networks: VIP 'x.x.x.x' cannot be found in any machine network

[0] Install-config.yaml:

platform:
  baremetal:
    apiVIPs:
      - <api_ip> 
    ingressVIPs:
      - <ingress> 
    loadBalancer:
      type: UserManaged