Serious unresponsive issues, then kernel panic after update

I have been using Clear Linux for a few years on my Supermicro A1SAi system (Atom C2750), and a month or so ago I was having some serious issues with the system being unresponsive. I couldn’t log in via ssh, but my Docker HTTP services were responding. The keyboard sometimes stopped responding to key strokes for several seconds, making it difficult to log in as it would drop keys as I was typing the password.

I left the machine idle over Christmas and now I have booted the main root drive on a completely different machine (Ryzen 1600). It exhibited the same unresponsiveness issues but I managed to log in and watch swupd update run to completion. I thought maybe I had a bad kernel and the update would fix the problems.

Unfortunately not! It now boots straight to a kernel panic.

I have tried booting other distros on this machine and they appear to work fine, so I am ruling out hardware failure, unless there is a problem with the SSD.

Kernel panic - not syncing: Attempted to kill init! exitcode=0x00007f00
CPU: 2 PID: 1 Comm: systemd-bootcha Not tainted 5.16.1-1116.native #1
Hardware name: Supermicro SYS-5018A-TN4/A1SAi, BIOS 2.1 01/18/2018
Call Trace:
RIP: 0033:0x7f4477c5e481