Last ZFS upgrade (r365347) breaks booting

I'm currently on r365449 on powerpc64. I use ZFS on / with zfs.ko compiled in kernel (because there's no loader on PowerNV systems).  

There seems to be a regression that happened recently, probably in r365347 (although I can't bisect it). Booting on my system, both with older kernels and the newest I have, I'm getting:
exec /sbin/init: error 8
exec /sbin/init.bak: error 8
exec /rescue/init: error 8
init: not found in path /sbin/init:/sbin/oinit:/sbin/init.bak:/rescue/init
panic: no init

This would suggest that the regression happened in the userspace. I can confirm when running livecd that there is /sbin/init installed.
ZFS, when loaded from that image (https://download.freebsd.org/ftp/snapshots/powerpc/powerpc64/ISO-IMAGES/13.0/FreeBSD-13.0-CURRENT-powerpc-powerpc64-20200903-c122cf32f2a-disc1.iso) seems to work fine.

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