After some further debugging and cross testing on Intel and Apple Silicon Macs I found the issue to be a legacy driver for ASIX ethernet chips on my MacBook Pro with the M2.
The legacy driver is for and older adapter with a similar chipset. Once I attach the Anker USB-C hub the macOS driver briefly works, just to be replaced with the broken legacy driver by the ASIX USB Device App.
Once I've removed that app and manually added the AX88179A network service again it works just fine again.
see also: https://www.reddit.com/r/MacOS/comments/174f60k/using_ax88179_usb_ethernet_in_sonoma/?rdt=63328
