Update 11/1/2021: We're happy to report this issue can now be resolved by updating from macOS Big Sur 11.x to macOS Monterey 12.0.1.
Plugable has been able to reproduce this problem internally and it has been raised to Apple for closer investigation. This issue appears to be from a regression introduced with the macOS Big Sur 11.4 update and is still present through 11.6.
This problem can occur when displays are connected to the docking station while the dock is reconnected to a Thunderbolt 3 port on a MacBook Pro 16" using the host Thunderbolt 3 cable (hot-plugged).
This kernel panic issue currently affects any docking station (Plugable-branded or otherwise) that uses what is known as DisplayPort Multi-Stream Transport (MST) to power one or more of the video outputs on a docking station. It is also specific to the MacBook Pro 16" system—other Mac systems do not exhibit the same problem.
To workaround this issue, we recommend disconnecting any HDMI displays from the dock before plugging the Thunderbolt 3 cable into the computer. Then, once connected, you may reconnect the HDMI display(s) to the dock.