Restart loop when access code changed on the printer

[vanowm]

I recently factory reset my X1C printer and because access code was changed, I was struggling to make BLLED working again.
The web interface doesn't work, because BLLED gets into restart loop:

IP_ADDRESS:192.168.111.111

Connected To Wifi Access Point:  my-router-network
Specific BSSID:                  12:34:56:78:90:ab
RSSI (Signal Strength):          -39
BLLED Controller IP Address:     192.168.111.111

Use web browser to access 'http://192.168.111.111/' to view the setup page

Setting up webserver
Webserver started

Setting up MQTT with Bambu Lab Printer IP address: 192.168.111.110
Finished setting up MQTT
Connecting to mqtt...
Failed to connect with error code: 
5  MQTT UNAUTHORIZED
Restarting Device
ets Jun  8 2016 00:22:57

(note the last line...huh?)

Using the setup page doesn't seem to do anything, it accepts my input, but nothing is happening. The log doesn't show any new data when hit Send Configuration button, in fact it doesn't even show the real time data from the device, it stops at Wifi Status: WL_CONNECTED line.

So far, my only solution is to reflash the firmware. Which in return resets all the settings, regardless of if I tick the Erase device or not.