Wem agent upgrade fails with error: 0x80070643 on the Applayering Platform layer

WEM agent upgrade on the platform layer fails on in-place upgrade or post-installation with the Applayered Images. You will see the below entries in the WEM install logs: i320: Registering bundle dependency provider: b2c7bc43-a0ba-4c9b-8382-7c139e9735c7, version: 2203.1.0.1 i371: Updating session...