@jaseg @filmroellchen @domi @BleepingComputer It certainly seems like exactly this.
Without a secondary bug (that the researchers don't have), it seems like this would only become a security issue if someone made a product that exposes the HCI interface over serial (i.e. to another host embedded computer), and then used the ESP32 hardware security features to lock down the ESP32 against reprogramming. In that case, an attacker with access to that wired HCI serial interface could potentially reprogram the chip - bypassing the hardware security protections.
But almost every ESP32 in the world runs its own custom firmware and doesn't accept HCI commands over serial at all. In all those cases, this "attack" requires an arbitrary code execution exploit first... and if you have code execution, you can already do all those things and more.
(Disclaimer: I have previously worked for Espressif, but not since 2021.)