Reproduction steps:
1. Open the “ResourceProvider_Stripped“ project
2. Open the “SampleScene“ scene
3. Choose Tools menu > Clear Cache
4. Open the Addressables Groups window
5. Ensure a Hosting Service is enabled (Addressables Groups > Tools > Window > Hosting Services > Enable)
6. Disable Include Resources Folders (Addresables Groups > Built In Data > Include Resources Folders)
7. Build Addressables (Addressables Groups > Build > New Build > Default Build Script)
8. Enter Play Mode (“Failed to load ‘Sphere’“ should be logged)
9. Enable Include Resources Folders
10. Build Addressables
11. Enter Play Mode

Expected result: A sphere is shown in the Game view
Actual result: No sphere in Game view, and NullReferenceException and ArgumentException are thrown in Console

Reproduced in: 1.21.14 (2020.3.48f1, 2021.3.29f1, 2022.3.6f1, 2023.1.6f1, 2023.2.0b2)

Reproduced using: macOS 13.4.1 (c) (Intel), Windows 11

Notes:
1. Not reproduced after re-entering Play Mode
2. Not reproduced in Player

Full errors:

System.NullReferenceException: Object reference not set to an instance of an object
at UnityEngine.ResourceManagement.AsyncOperations.ProviderOperation`1[TObject].Execute () [0x00061] in /Users/ainis/Downloads/IN-46885_ResourceProvider_Stripped/Library/PackageCache/com.unity.addressables@1.21.14/Runtime/ResourceManager/AsyncOperations/ProviderOperation.cs:244
UnityEngine.AddressableAssets.Addressables:LoadAssetAsync<UnityEngine.GameObject> (UnityEngine.ResourceManagement.ResourceLocations.IResourceLocation)
Test/<Start>d__1:MoveNext () (at Assets/Test.cs:39)
UnityEngine.SetupCoroutine:InvokeMoveNext (System.Collections.IEnumerator,intptr) (at /Users/bokken/build/output/unity/unity/Runtime/Export/Scripting/Coroutines.cs:17)

ArgumentException: The Object you want to instantiate is null.
UnityEngine.Object.Instantiate[T] (T original) (at /Users/bokken/build/output/unity/unity/Runtime/Export/Scripting/UnityEngineObject.bindings.cs:291)
Test+<Start>d__1.MoveNext () (at Assets/Test.cs:42)
UnityEngine.SetupCoroutine.InvokeMoveNext (System.Collections.IEnumerator enumerator, System.IntPtr returnValueAddress) (at /Users/bokken/build/output/unity/unity/Runtime/Export/Scripting/Coroutines.cs:17)