There are two instances of this issue:
1. Attempting to create a standard switch portgroup on 7.0 U2 fails with "A Specified Parameter was not set".
hostd.log shows:
2021-11-02T14:10:41.999Z info hostd[2100287] [Originator@6876 sub=Hostsvc opID=kqwfwe0f-794571-auto-h13g-h5:70155475-dd-f3-bebc user=vpxuser:<user>] Invalid shaping policy: shaper is enabled, but at least one of the avgbps, peakbps or burst is not set.
2021-11-02T14:10:41.999Z info hostd[2100287] [Originator@6876 sub=Hostsvc opID=kqwfwe0f-794571-auto-h13g-h5:70155475-dd-f3-bebc user=vpxuser:<user>] Invalid network policy: there are invalid properties in network traffic shaping policy.
2021-11-02T14:10:41.999Z info hostd[2100287] [Originator@6876 sub=Hostsvc.NetworkVmkSimulator opID=kqwfwe0f-794571-auto-h13g-h5:70155475-dd-f3-bebc user=vpxuser:<user>] Cannot add portgroup [VMotion]: invalid network policy specified:(vim.host.NetworkPolicy) {
--> security = (vim.host.NetworkPolicy.SecurityPolicy) {
--> },
--> nicTeaming = (vim.host.NetworkPolicy.NicTeamingPolicy) {
--> failureCriteria = (vim.host.NetworkPolicy.NicFailureCriteria) {
--> },
--> },
--> offloadPolicy = (vim.host.NetOffloadCapabilities) {
--> },
--> shapingPolicy = (vim.host.NetworkPolicy.TrafficShapingPolicy) {
--> enabled = true,
--> burstSize = 104857600,
--> }
--> }
2021-11-02T14:10:42.000Z info hostd[2100287] [Originator@6876 sub=Hostsvc opID=kqwfwe0f-794571-auto-h13g-h5:70155475-dd-f3-bebc user=vpxuser:<user>] Simulate failed
2. The policy cannot be set for the vSwitch:
hostd.log shows:
2022-02-17T10:13:54.537Z info hostd[2100456] [Originator@6876 sub=Hostsvc.NetworkVmkSimulator opID=kz6ru6r5-835758-auto-hwvj-h5:70252315-38-31-414d user=vpxuser:<user>] Cannot set policy for vswitch [vSwitch0], network policy is invalid: (vim.host.NetworkPolicy) {
--> security = (vim.host.NetworkPolicy.SecurityPolicy) {
--> allowPromiscuous = false,
--> macChanges = true,
--> forgedTransmits = true
--> },
--> nicTeaming = (vim.host.NetworkPolicy.NicTeamingPolicy) {
--> policy = "loadbalance_srcid",
--> reversePolicy = true,
--> notifySwitches = true,
--> rollingOrder = false,
--> failureCriteria = (vim.host.NetworkPolicy.NicFailureCriteria) {
--> checkSpeed = "minimum",
--> speed = 10,
--> checkDuplex = false,
--> fullDuplex = false,
--> checkErrorPercent = false,
--> percentage = 0,
--> checkBeacon = false
--> },
--> nicOrder = (vim.host.NetworkPolicy.NicOrderPolicy) {
--> activeNic = (string) [
--> "vmnic0",
--> "vmnic1"
--> ],
--> }
--> },
--> offloadPolicy = (vim.host.NetOffloadCapabilities) {
--> csumOffload = true,
--> tcpSegmentation = true,
--> zeroCopyXmit = true
--> },
--> shapingPolicy = (vim.host.NetworkPolicy.TrafficShapingPolicy) {
--> enabled = true,
--> averageBandwidth = 2000000000,
--> }
--> }.