Well, for what its worth I went through all of this in the last little while. I've had this 2019 i9 MBP 16 for nearly a month and a half with absolute no issues -- then poof! I ran into this issue (MBP boots 75% through login sequence, immediately reboots on its own, repeat ad naseum). Safe mode works just fine, log dumps indicate the power play messaging, etc.
I called AppleCare+ (thank god I always buy this service) and patiently spent nearly 2 hours on the line while they got me to run diagnostics, reset PRAM/SMC, re-install MacOS from scratch, etc. Finally got scheduled to drop off my MBP at the local Apple store 2 days later.
Prior to dropping it off, I read everything I could on this issue and tried whatever I could. Even did full restores from time machine and complete factory resets with no go.
Apple Store genius ran his diagnostics and was able to replicate everything. Long story short, it took them 4 days to do all the testing, replaced the logic board and Touch ID, and more testing to confirm problem went away. I know this would have been covered under normal 1 year warranty, but god help me if I was outside of warranty without AppleCare+. The bill was over $1100 CDN!!!
Anyhow, everything works again -- full restore from Time Machine and then upgraded to 10.15.6. No issues since. Hopefully that's the end of it. I don't know, maybe a bad batch of logic boards?
Only advice for everyone going through this, get it to an Apple store and have them deal with it. There's nothing an end user can do.
Thanks for all the helpful information in this thread, it helped my mindset that I wasn't alone with this weird sudden problem!