ionic driver caused 1 minute boot delay

[kin-cho]

Hi, I see a 1 minute boot delay with this change in our kernel config:

-# CONFIG_IONIC is not set
+CONFIG_IONIC=m

NetworkManager went from this:
8.588s NetworkManager-wait-online.service
to this:
1min 10ms NetworkManager-wait-online.service

I've attached a boot log with dev_dbg enabled.
Also, booting with ionic.ko removed from initramfs, "insmod ionic.ko" shows no delay.
I'd appreciate any pointers how to debug this issue.

ionic-dev_dbg-boot.log