An Intel microcode update was released changing the behavior of the PMU of certain CPUs[1]. The fix utilizes the PMC3 counter, leaving it unavailable for normal use. ESXi 6.7 P03 (build 16713306) detects the presence of this microcode fix and marks the PMC3 counter as 'in-use' preventing VMs from using this counter.
This causes the above issue when a VM with VPMC enabled was powered on a host running a build older than 6.7 P03. If such a VM attempts to vMotion to a host running 6.7 P03 or higher, the counter is no longer available for use causing the vMotion to fail leaving the VM running on the original host. The VMs are able to successfully vMotion to other hosts running < P03
A VM that was powered on a P03 or higher host is capable of vMotioning to an older host but would not be able to return via vMotion.
[1] Intel® Xeon® Processor E3 v5 and v6 Family (codename Skylake, Kaby Lake)
Intel® Xeon® D (code name Skylake-D)
Intel® Xeon® Scalable Processor and 6th, 7th, and 8th Generation Intel® Core™ i7 and i5 (code name Skylake, Kaby Lake, Coffee Lake and Whiskey Lake)