After an ESXi host has encountered a PSOD the core dump was found to be encrypted.
VMware vSphere ESXi 7.x and later versions
This is expected behavior if the environment uses vSphere Virtual Machine Encryption
This is documented here
vSphere Virtual Machine Encryption and Core Dumps
If your environment uses vSphere Virtual Machine Encryption, and if an error occurs on the ESXi host, the resulting core dump is encrypted to protect customer data. Core dumps that are included in the vm-support package are also encrypted.