It seems specific to either the MT7925's firmware or the driver. I just did an apk upgrade for some relevant code, rebooted with the Quectel card, and regdb is fine with countrycode set to US. Hostapd enables the AP, but I still can't see it from my laptop. I wish I had an RF testset to debug properly.
root@OpenWrt:~# iwinfo phy0-ap0 frequencylist
2.412 GHz (Band: 2.4 GHz, Channel 1) [NO_HT40-, NO_80MHZ, NO_160MHZ]
2.417 GHz (Band: 2.4 GHz, Channel 2) [NO_HT40-, NO_80MHZ, NO_160MHZ]
2.422 GHz (Band: 2.4 GHz, Channel 3) [NO_HT40-, NO_80MHZ, NO_160MHZ]
2.427 GHz (Band: 2.4 GHz, Channel 4) [NO_HT40-, NO_80MHZ, NO_160MHZ]
2.432 GHz (Band: 2.4 GHz, Channel 5) [NO_80MHZ, NO_160MHZ]
2.437 GHz (Band: 2.4 GHz, Channel 6) [NO_80MHZ, NO_160MHZ]
2.442 GHz (Band: 2.4 GHz, Channel 7) [NO_80MHZ, NO_160MHZ]
2.447 GHz (Band: 2.4 GHz, Channel 8) [NO_HT40+, NO_80MHZ, NO_160MHZ]
2.452 GHz (Band: 2.4 GHz, Channel 9) [NO_HT40+, NO_80MHZ, NO_160MHZ]
2.457 GHz (Band: 2.4 GHz, Channel 10) [NO_HT40+, NO_80MHZ, NO_160MHZ]
2.462 GHz (Band: 2.4 GHz, Channel 11) [NO_HT40+, NO_80MHZ, NO_160MHZ]
5.180 GHz (Band: 5 GHz, Channel 36) [NO_HT40-]
5.200 GHz (Band: 5 GHz, Channel 40)
5.220 GHz (Band: 5 GHz, Channel 44)
5.240 GHz (Band: 5 GHz, Channel 48)
5.260 GHz (Band: 5 GHz, Channel 52)
5.280 GHz (Band: 5 GHz, Channel 56)
5.300 GHz (Band: 5 GHz, Channel 60)
5.320 GHz (Band: 5 GHz, Channel 64) [NO_HT40+]
5.500 GHz (Band: 5 GHz, Channel 100) [NO_HT40-]
5.520 GHz (Band: 5 GHz, Channel 104)
5.540 GHz (Band: 5 GHz, Channel 108)
5.560 GHz (Band: 5 GHz, Channel 112)
5.580 GHz (Band: 5 GHz, Channel 116)
5.600 GHz (Band: 5 GHz, Channel 120)
5.620 GHz (Band: 5 GHz, Channel 124)
5.640 GHz (Band: 5 GHz, Channel 128)
5.660 GHz (Band: 5 GHz, Channel 132)
5.680 GHz (Band: 5 GHz, Channel 136)
5.700 GHz (Band: 5 GHz, Channel 140)
5.720 GHz (Band: 5 GHz, Channel 144) [NO_HT40+]
5.745 GHz (Band: 5 GHz, Channel 149) [NO_HT40-]
5.765 GHz (Band: 5 GHz, Channel 153)
5.785 GHz (Band: 5 GHz, Channel 157)
5.805 GHz (Band: 5 GHz, Channel 161)
5.825 GHz (Band: 5 GHz, Channel 165)
5.845 GHz (Band: 5 GHz, Channel 169)
5.865 GHz (Band: 5 GHz, Channel 173) [NO_HT40+, INDOOR_ONLY]
5.935 GHz (Band: 6 GHz, Channel 2) [NO_HT40-, INDOOR_ONLY]
5.955 GHz (Band: 6 GHz, Channel 1) [INDOOR_ONLY]
5.975 GHz (Band: 6 GHz, Channel 5) [INDOOR_ONLY]
5.995 GHz (Band: 6 GHz, Channel 9) [INDOOR_ONLY]
6.015 GHz (Band: 6 GHz, Channel 13) [INDOOR_ONLY]
6.035 GHz (Band: 6 GHz, Channel 17) [INDOOR_ONLY]
6.055 GHz (Band: 6 GHz, Channel 21) [INDOOR_ONLY]
6.075 GHz (Band: 6 GHz, Channel 25) [INDOOR_ONLY]
* 6.095 GHz (Band: 6 GHz, Channel 29) [INDOOR_ONLY]
6.115 GHz (Band: 6 GHz, Channel 33) [INDOOR_ONLY]
6.135 GHz (Band: 6 GHz, Channel 37) [INDOOR_ONLY]
6.155 GHz (Band: 6 GHz, Channel 41) [INDOOR_ONLY]
6.175 GHz (Band: 6 GHz, Channel 45) [INDOOR_ONLY]
6.195 GHz (Band: 6 GHz, Channel 49) [INDOOR_ONLY]
6.215 GHz (Band: 6 GHz, Channel 53) [INDOOR_ONLY]
6.235 GHz (Band: 6 GHz, Channel 57) [INDOOR_ONLY]
6.255 GHz (Band: 6 GHz, Channel 61) [INDOOR_ONLY]
6.275 GHz (Band: 6 GHz, Channel 65) [INDOOR_ONLY]
6.295 GHz (Band: 6 GHz, Channel 69) [INDOOR_ONLY]
6.315 GHz (Band: 6 GHz, Channel 73) [INDOOR_ONLY]
6.335 GHz (Band: 6 GHz, Channel 77) [INDOOR_ONLY]
6.355 GHz (Band: 6 GHz, Channel 81) [INDOOR_ONLY]
6.375 GHz (Band: 6 GHz, Channel 85) [INDOOR_ONLY]
6.395 GHz (Band: 6 GHz, Channel 89) [INDOOR_ONLY]
6.415 GHz (Band: 6 GHz, Channel 93) [INDOOR_ONLY]
6.435 GHz (Band: 6 GHz, Channel 97) [INDOOR_ONLY]
6.455 GHz (Band: 6 GHz, Channel 101) [INDOOR_ONLY]
6.475 GHz (Band: 6 GHz, Channel 105) [INDOOR_ONLY]
6.495 GHz (Band: 6 GHz, Channel 109) [INDOOR_ONLY]
6.515 GHz (Band: 6 GHz, Channel 113) [INDOOR_ONLY]
6.535 GHz (Band: 6 GHz, Channel 117) [INDOOR_ONLY]
6.555 GHz (Band: 6 GHz, Channel 121) [INDOOR_ONLY]
6.575 GHz (Band: 6 GHz, Channel 125) [INDOOR_ONLY]
6.595 GHz (Band: 6 GHz, Channel 129) [INDOOR_ONLY]
6.615 GHz (Band: 6 GHz, Channel 133) [INDOOR_ONLY]
6.635 GHz (Band: 6 GHz, Channel 137) [INDOOR_ONLY]
6.655 GHz (Band: 6 GHz, Channel 141) [INDOOR_ONLY]
6.675 GHz (Band: 6 GHz, Channel 145) [INDOOR_ONLY]
6.695 GHz (Band: 6 GHz, Channel 149) [INDOOR_ONLY]
6.715 GHz (Band: 6 GHz, Channel 153) [INDOOR_ONLY]
6.735 GHz (Band: 6 GHz, Channel 157) [INDOOR_ONLY]
6.755 GHz (Band: 6 GHz, Channel 161) [INDOOR_ONLY]
6.775 GHz (Band: 6 GHz, Channel 165) [INDOOR_ONLY]
6.795 GHz (Band: 6 GHz, Channel 169) [INDOOR_ONLY]
6.815 GHz (Band: 6 GHz, Channel 173) [INDOOR_ONLY]
6.835 GHz (Band: 6 GHz, Channel 177) [INDOOR_ONLY]
6.855 GHz (Band: 6 GHz, Channel 181) [INDOOR_ONLY]
6.875 GHz (Band: 6 GHz, Channel 185) [INDOOR_ONLY]
6.895 GHz (Band: 6 GHz, Channel 189) [INDOOR_ONLY]
6.915 GHz (Band: 6 GHz, Channel 193) [INDOOR_ONLY]
6.935 GHz (Band: 6 GHz, Channel 197) [INDOOR_ONLY]
6.955 GHz (Band: 6 GHz, Channel 201) [INDOOR_ONLY]
6.975 GHz (Band: 6 GHz, Channel 205) [INDOOR_ONLY]
6.995 GHz (Band: 6 GHz, Channel 209) [INDOOR_ONLY]
7.015 GHz (Band: 6 GHz, Channel 213) [INDOOR_ONLY]
7.035 GHz (Band: 6 GHz, Channel 217) [INDOOR_ONLY]
7.055 GHz (Band: 6 GHz, Channel 221) [INDOOR_ONLY]
7.075 GHz (Band: 6 GHz, Channel 225) [INDOOR_ONLY]
7.095 GHz (Band: 6 GHz, Channel 229) [INDOOR_ONLY]
7.115 GHz (Band: 6 GHz, Channel 233) [NO_HT40+, INDOOR_ONLY]