There is a huge thread on this topic which you may want to check. It took me two days to read through it
My summary is that look for the "PanicString" that will give you the root cause of the problem. The fact that the T2 act as a watchdog and reports catastrophic errors, does not necessarily mean that the problem lies with the T2.
Got Bad Magic! twice today on a brand new 16 inch from an Apple Retail store with a pretty early build date (late September) according to coconut battery. This was while setting up a fresh install and just installing apps. Not a migration, just signed into iCloud and downloading previously purchased apps from the App Store. It's going right back tomorrow!
I had a few crashes when my 16" was new, but after a few days in I haven't gotten another one for the past two weeks. Not sure if I should swap mine out or not as I don't want to run into issues down the line. Could it be a software issue while indexing/setting up?
I swapped the machine out. Not because of the crash, but other issues that became apparent. There was slight backlight bleed, and when you touched the bottom case, there was a squeak...? And this far, on the replacement machine I haven't had any of those issues. Still got the popping speakers though...