A direct consequence of this is that the Renderer is completely unable to render the game. Seems that some internal frame update is called before the user is able to set the material, hence, an ArgumentNullException is thrown (see attached picture for full trace)

Steps to reproduce:
1. Open the attached project (1201697.zip)
2. Open SampleScene
3. Build the project as Standalone with "Development Build" checked
4. Run the built executable

Expected result: the Decal Projector is added to GameObject with the default material and the game is rendered
Actual result: the Decal Project is instantiated with a null material, which causes the Renderer to break completely (the game is no longer rendered) before the user is even able to assign a new material

Reproducible in: 2019.1.0b9 (HDRP 5.7.2-preview), 2019.2.17f1 (HDRP 6.9.0-preview), 2019.3.0f5 (HDRP 7.1.7), 2019.3.2f1(HDRP7.2.1), 2020.1.0a19 (HDRP 7.1.7)
Not reproducible in: 2018.4.15f1 (HDRP 4.1.0-preview), 2019.1.0b8 (HDRP 5.6.1-preview)
Cannot test in: 2017.4.36f1 (No HDRP)

Notes:
- The issue only occurs on built projects
- An ArgumentNullException is constantly spammed to the Console (see attached picture)
- Happens on DX11, DX12, Vulkan and Metal Graphics APIs