Console output, you can see at 6.282640 that it complains about PHY at addresses 0x11 and 0x13 (and a few more mdio problems above that), although they work fine in U-Boot:
## Booting kernel from Legacy Image at 81000000 ...
Image Name: MIPS OpenWrt Linux-5.4.52
Created: 2020-07-17 11:00:00 UTC
Image Type: MIPS Linux Kernel Image (lzma compressed)
Data Size: 5069335 Bytes = 4.8 MiB
Load Address: 80002000
Entry Point: 80002000
Verifying Checksum ... OK
Uncompressing Kernel Image ... OK
[ 0.000000] Linux version 5.4.52 (danijel@danijel) (gcc version 8.4.0 (OpenWrt GCC 8.4.0 r13881-bae4204e34)) #0 SMP Fri Jul 17 11:00:00 2020
[ 0.000000] SoC: xRX200 rev 1.2
[ 0.000000] printk: bootconsole [early0] enabled
[ 0.000000] CPU0 revision is: 00019556 (MIPS 34Kc)
[ 0.000000] MIPS: machine is zte,zxhnh367n
[ 0.000000] User-defined physical RAM map overwrite
[ 0.000000] Initrd not found or empty - disabling initrd
[ 0.000000] Detected 1 available secondary CPU(s)
[ 0.000000] Primary instruction cache 32kB, VIPT, 4-way, linesize 32 bytes.
[ 0.000000] Primary data cache 32kB, 4-way, VIPT, cache aliases, linesize 32 bytes
[ 0.000000] Zone ranges:
[ 0.000000] Normal [mem 0x0000000000000000-0x0000000003dfffff]
[ 0.000000] Movable zone start for each node
[ 0.000000] Early memory node ranges
[ 0.000000] node 0: [mem 0x0000000000000000-0x0000000003dfffff]
[ 0.000000] Initmem setup node 0 [mem 0x0000000000000000-0x0000000003dfffff]
[ 0.000000] percpu: Embedded 14 pages/cpu s26160 r8192 d22992 u57344
[ 0.000000] Built 1 zonelists, mobility grouping on. Total pages: 15732
[ 0.000000] Kernel command line: console=ttyLTQ0,115200 mem=62M vpe1_load_addr=0x83e00000 vpe1_mem=2M maxvpes=1 maxtcs=1 nosmp
[ 0.000000] Dentry cache hash table entries: 8192 (order: 3, 32768 bytes, linear)
[ 0.000000] Inode-cache hash table entries: 4096 (order: 2, 16384 bytes, linear)
[ 0.000000] Writing ErrCtl register=00076928
[ 0.000000] Readback ErrCtl register=00076928
[ 0.000000] mem auto-init: stack:off, heap alloc:off, heap free:off
[ 0.000000] Memory: 51200K/63488K available (5721K kernel code, 215K rwdata, 1504K rodata, 3808K init, 220K bss, 12288K reserved, 0K cma-reserved)
[ 0.000000] SLUB: HWalign=32, Order=0-3, MinObjects=0, CPUs=2, Nodes=1
[ 0.000000] rcu: Hierarchical RCU implementation.
[ 0.000000] rcu: RCU calculated value of scheduler-enlistment delay is 25 jiffies.
[ 0.000000] NR_IRQS: 256
[ 0.000000] random: get_random_bytes called from start_kernel+0x33c/0x54c with crng_init=0
[ 0.000000] CPU Clock: 500MHz
[ 0.000000] clocksource: MIPS: mask: 0xffffffff max_cycles: 0xffffffff, max_idle_ns: 7645041786 ns
[ 0.000010] sched_clock: 32 bits at 250MHz, resolution 4ns, wraps every 8589934590ns
[ 0.007900] Calibrating delay loop... 332.54 BogoMIPS (lpj=665088)
[ 0.045980] pid_max: default: 32768 minimum: 301
[ 0.050901] Mount-cache hash table entries: 1024 (order: 0, 4096 bytes, linear)
[ 0.058094] Mountpoint-cache hash table entries: 1024 (order: 0, 4096 bytes, linear)
[ 0.069518] rcu: Hierarchical SRCU implementation.
[ 0.075093] smp: Bringing up secondary CPUs ...
[ 0.079556] smp: Brought up 1 node, 1 CPU
[ 0.089819] clocksource: jiffies: mask: 0xffffffff max_cycles: 0xffffffff, max_idle_ns: 7645041785100000 ns
[ 0.099485] futex hash table entries: 512 (order: 2, 16384 bytes, linear)
[ 0.106548] pinctrl core: initialized pinctrl subsystem
[ 0.112993] NET: Registered protocol family 16
[ 0.126768] dcdc-xrx200 1f106a00.dcdc: Core Voltage : 1016 mV
[ 0.137292] pinctrl-xway 1e100b10.pinmux: Init done
[ 0.143361] dma-xway 1e104100.dma: Init done - hw rev: 7, ports: 7, channels: 28
[ 0.152971] pcie-xrx200 1d900000.pcie: failed to get the PCIe PHY
[ 0.224244] gpio-stp-xway 1e100bb0.stp: Init done
[ 0.230343] usbcore: registered new interface driver usbfs
[ 0.235872] usbcore: registered new interface driver hub
[ 0.241233] usbcore: registered new device driver usb
[ 0.255663] clocksource: Switched to clocksource MIPS
[ 0.262301] NET: Registered protocol family 2
[ 0.267741] tcp_listen_portaddr_hash hash table entries: 512 (order: 0, 6144 bytes, linear)
[ 0.276084] TCP established hash table entries: 1024 (order: 0, 4096 bytes, linear)
[ 0.283742] TCP bind hash table entries: 1024 (order: 1, 8192 bytes, linear)
[ 0.290846] TCP: Hash tables configured (established 1024 bind 1024)
[ 0.297454] UDP hash table entries: 256 (order: 1, 8192 bytes, linear)
[ 0.303957] UDP-Lite hash table entries: 256 (order: 1, 8192 bytes, linear)
[ 0.311325] NET: Registered protocol family 1
[ 0.315654] PCI: CLS 0 bytes, default 32
[ 1.095451] random: fast init done
[ 5.787252] gptu: totally 6 16-bit timers/counters
[ 5.792182] gptu: misc_register on minor 63
[ 5.796332] gptu: succeeded to request irq 126
[ 5.800822] gptu: succeeded to request irq 127
[ 5.805350] gptu: succeeded to request irq 128
[ 5.809853] gptu: succeeded to request irq 129
[ 5.814363] gptu: succeeded to request irq 130
[ 5.818877] gptu: succeeded to request irq 131
[ 5.826581] lantiq,vmmc 1f107000.vmmc: requested GPIO 465
[ 5.831949] lantiq,vmmc 1f107000.vmmc: requested GPIO 493
[ 5.837395] lantiq,vmmc 1f107000.vmmc: requested GPIO 492
[ 5.842817] lantiq,vmmc 1f107000.vmmc: reserved 1MB at 0x(ptrval)
[ 5.856647] workingset: timestamp_bits=14 max_order=14 bucket_order=0
[ 5.872898] squashfs: version 4.0 (2009/01/31) Phillip Lougher
[ 5.878647] jffs2: version 2.2 (NAND) (SUMMARY) (LZMA) (RTIME) (CMODE_PRIORITY) (c) 2001-2006 Red Hat, Inc.
[ 5.917598] 1e100c00.serial: ttyLTQ0 at MMIO 0x1e100c00 (irq = 112, base_baud = 0) is a lantiq,asc
[ 5.926540] printk: console [ttyLTQ0] enabled
[ 5.926540] printk: console [ttyLTQ0] enabled
[ 5.935239] printk: bootconsole [early0] disabled
[ 5.935239] printk: bootconsole [early0] disabled
[ 5.951979] nand: device found, Manufacturer ID: 0xef, Chip ID: 0xf1
[ 5.956986] nand: Winbond W29N01GV
[ 5.960327] nand: 128 MiB, SLC, erase size: 128 KiB, page size: 2048, OOB size: 64
[ 5.967906] Scanning device for bad blocks
[ 6.009733] 4 fixed-partitions partitions found on MTD device 10000000.flash
[ 6.015389] Creating 4 MTD partitions on "10000000.flash":
[ 6.020870] 0x000000000000-0x000000040000 : "uboot"
[ 6.027150] 0x000000040000-0x000000060000 : "uboot-env"
[ 6.032474] 0x000000060000-0x000000360000 : "kernel"
[ 6.037470] 0x000000360000-0x000008000000 : "ubi"
[ 6.044854] libphy: Fixed MDIO Bus: probed
[ 6.051050] leds-gpio: probe of leds failed with error -16
[ 6.056869] NET: Registered protocol family 10
[ 6.079999] Segment Routing with IPv6
[ 6.082338] NET: Registered protocol family 17
[ 6.086825] 8021q: 802.1Q VLAN Support v1.8
[ 6.098480] pcie-xrx200 1d900000.pcie: failed to get the PCIe PHY
[ 6.210281] libphy: lantiq,xrx200-mdio: probed
[ 6.213412] mdio_bus 0: MDIO device at address 0 is missing.
[ 6.244566] mdio_bus 0: MDIO device at address 18 is missing.
[ 6.272959] mdio_bus 0: MDIO device at address 20 is missing.
[ 6.277590] net-xrx200: invalid MAC, using random
[ 6.282640] Intel XWAY PHY11G (xRX v1.2 integrated) 0:11: attached PHY driver [Intel XWAY PHY11G (xRX v1.2 integrated)] (mii_bus:phy_addr=0:11, irq=POLL)
[ 6.295919] lantiq,xrx200-net 1e108000.eth eth0 (uninitialized): no PHY found
[ 6.302885] xrx200-mdio: probing phy of port 3 failed
[ 6.308525] Intel XWAY PHY11G (xRX v1.2 integrated) 0:13: attached PHY driver [Intel XWAY PHY11G (xRX v1.2 integrated)] (mii_bus:phy_addr=0:13, irq=POLL)
[ 6.321851] lantiq,xrx200-net 1e108000.eth eth0 (uninitialized): no PHY found
[ 6.328824] xrx200-mdio: probing phy of port 5 failed
[ 6.335137] net-xrx200: invalid MAC, using random
[ 6.338635] lantiq,xrx200-net 1e108000.eth eth1 (uninitialized): no PHY found
[ 6.345708] xrx200-mdio: probing phy of port 0 failed
[ 6.476084] PCI host bridge /fpi@10000000/pcie@d900000 ranges:
[ 6.480774] PCI host bridge to bus 0000:00
[ 6.484646] pci_bus 0000:00: root bus resource [mem 0x1c000000-0x1cffffff]
[ 6.491490] pci_bus 0000:00: root bus resource [io 0x1d800000-0x1d8fffff]
[ 6.498365] pci_bus 0000:00: root bus resource [??? 0x00000000 flags 0x0]
[ 6.505150] pci_bus 0000:00: No busn resource found for root bus, will use [bus 00-ff]
[ 6.513120] pci 0000:00:00.0: [1bef:0011] type 01 class 0x060000
[ 6.519098] ifx_pcie_rc_class_early_fixup: fixed pcie host bridge to pci-pci bridge
[ 6.536806] pci 0000:00:00.0: ifx_pcie_rc_class_early_fixup+0x0/0x7c took 17264 usecs
[ 6.543353] pci 0000:00:00.0: PME# supported from D0 D3hot
[ 6.551664] pci 0000:01:00.0: [1814:3091] type 00 class 0x028000
[ 6.556350] pci 0000:01:00.0: reg 0x10: [mem 0x00000000-0x0000ffff]
[ 6.562725] pci 0000:01:00.0: PME# supported from D0 D3hot D3cold
[ 6.571228] pci_bus 0000:01: busn_res: [bus 01-ff] end is updated to 01
[ 6.576499] pci_bus 0000:00: busn_res: [bus 00-ff] end is updated to 01
[ 6.583098] pci 0000:00:00.0: BAR 8: assigned [mem 0x1c000000-0x1c0fffff]
[ 6.589880] pci 0000:01:00.0: BAR 0: assigned [mem 0x1c000000-0x1c00ffff]
[ 6.596661] pci 0000:00:00.0: PCI bridge to [bus 01]
[ 6.601614] pci 0000:00:00.0: bridge window [mem 0x1c000000-0x1c0fffff]
[ 6.608552] ifx_pcie_bios_map_irq port 0 dev 0000:00:00.0 slot 0 pin 1
[ 6.615022] ifx_pcie_bios_map_irq dev 0000:00:00.0 irq 144 assigned
[ 6.621283] pcieport 0000:00:00.0: enabling device (0000 -> 0002)
[ 6.630625] UBI: auto-attach mtd3
[ 6.632613] ubi0: attaching mtd3
[ 6.782586] ubi0: scanning is finished
[ 6.798637] ubi0: attached mtd3 (name "ubi", size 124 MiB)
[ 6.802778] ubi0: PEB size: 131072 bytes (128 KiB), LEB size: 129024 bytes
[ 6.809619] ubi0: min./max. I/O unit sizes: 2048/2048, sub-page size 512
[ 6.816299] ubi0: VID header offset: 512 (aligned 512), data offset: 2048
[ 6.823079] ubi0: good PEBs: 997, bad PEBs: 0, corrupted PEBs: 0
[ 6.829086] ubi0: user volume: 1, internal volumes: 1, max. volumes count: 128
[ 6.836314] ubi0: max/mean erase counter: 12/6, WL threshold: 4096, image sequence number: 1296487795
[ 6.845539] ubi0: available PEBs: 185, total reserved PEBs: 812, PEBs reserved for bad PEB handling: 20
[ 6.855637] ubi0: background thread "ubi_bgt0d" started[ 6.874302] Freeing unused kernel memory: 3808K
[ 6.877453] This architecture does not have kernel memory protection.
[ 6.883858] Run /init as init process
[ 6.909534] init: Console is alive
[ 6.912016] init: - watchdog -
[ 6.937760] kmodloader: loading kernel modules from /etc/modules-boot.d/*
[ 6.946264] gpio-keys-polled keys: unable to claim gpio 469, err=-16
[ 6.951323] gpio-keys-polled: probe of keys failed with error -16
[ 6.959134] kmodloader: done loading kernel modules from /etc/modules-boot.d/*
[ 6.968004] init: - preinit -
Press the [f] key and hit [enter] to enter failsafe mode
Press the [1], [2], [3] or [4] key and hit [enter] to select the debug level
[ 11.394828] procd: - early -
[ 11.396636] procd: - watchdog -
[ 11.997462] procd: - watchdog -
[ 11.999966] procd: - ubus -
[ 12.011349] random: ubusd: uninitialized urandom read (4 bytes read)
[ 12.052119] random: ubusd: uninitialized urandom read (4 bytes read)
[ 12.057824] random: ubusd: uninitialized urandom read (4 bytes read)
[ 12.065776] procd: - init -
Please press Enter to activate this console.
[ 12.799645] kmodloader: loading kernel modules from /etc/modules.d/*
[ 12.814470] IFXOS, Version 1.5.19 (c) Copyright 2009, Lantiq Deutschland GmbH
[ 12.831108] NET: Registered protocol family 8
[ 12.834158] NET: Registered protocol family 20
[ 12.862310] PPP generic driver version 2.4.2
[ 12.925233] Lantiq (VRX) DSL CPE MEI driver, version 1.5.17.6, (c) 2007-2015 Lantiq Beteiligungs-GmbH & Co. KG
[ 12.952896]
[ 12.952896]
[ 12.952896] Lantiq CPE API Driver version: DSL CPE API V4.17.18.6
[ 12.970552]
[ 12.970552] Predefined debug level: 3
[ 13.030268] Infineon Technologies DEU driver version 2.0.0
[ 13.055794] IFX DEU DES initialized (multiblock).
[ 13.071764] IFX DEU AES initialized (multiblock).
[ 13.080142] IFX DEU ARC4 initialized (multiblock).
[ 13.087746] IFX DEU SHA1 initialized.
[ 13.091791] IFX DEU MD5 initialized.
[ 13.095746] IFX DEU SHA1_HMAC initialized.
[ 13.103754] IFX DEU MD5_HMAC initialized.
[ 13.127681] NET: Registered protocol family 24
[ 13.162682] xt_time: kernel timezone is -0000
[ 13.240124] kmodloader: done loading kernel modules from /etc/modules.d/*
[ 13.350370] urngd: v1.0.2 started.
[ 13.590129] random: crng init done
[ 13.592163] random: 7 urandom warning(s) missed due to ratelimiting
I didn't configure anything in 02_network
just yet, this is some kernel problem which happens before rootfs is initialized.