Media Library not loading in grid view even after disabling all plugins and custom theme

Media Library is not loading in grid view (hanging on never ending loading indicator). after update to WordPress 5.5.3

This is a common WordPress issue, but it usually either an error in the theme functions.php file, or a plugin issue.

This can’t be my issue though, as I have disabled all plugins and switched to the default twenty twenty theme, but the issue does not go away.

What else should I try?