I noticed that behavior as well, but whenever I speak loudly with the headphones on. One remark to myself that's too loud, and suddenly pop and the noise cancellation is gone for like 10 seconds. Super annoying.
I don't have Max, but something similar happens with the AirPods Pro. See if you have "conversation awareness" and "hearing protection" turned on (both are on by default.) They're in the AirPods settings screen accessed via the bluetooth menu.
I'd suggest experimenting by disabling both and trying to repro. Then re-enabling the features one at a time.
I've never triggered it on the Pro by merely speaking loudly, but they're earbuds and farther from my mouth. What does trigger it for me reliably, is sneezing.
I know I have had this issue and did not have it after reset. Though I do have another annoying, and seemingly unique issue: sometimes, when adjusting the position of the headphone, they do a “click” (and a loud one), and just shut down.
The farthest from the last reset, the more often it happens. I have no idea why.