When underlying IP address of Minio server location changes, site crashes fatally

I have experienced a situation where my sites installation broke fatally when the underlying IP address of the Minio installation became unreachable. The instance underpinning the Minio installation crashed and received a new IP address from the cloud provider. Directly afterwards certain pages with media got stock in infinite loading loop and site was unable to flush cache or backup. (site effectively broke)

Reproduce by making Minio unreachable and notice how your Drupal site behaves when going to configuration or media page.