I encountered this on a two week old Pixel 7a. I upgraded to 14 when I got it and enabled multiple profiles a few days ago, and last night when I unlocked my phone it just started factory resetting itself all on its own, which was quite shocking. I tried to intervene and cancel it but was left with the boot loop everyone is seeing.

I also encountered various minor launcher issues after I started using the multiple profiles which seems to be related.