Stencil instance not defined repro

Setup my-component-lib

cd my-componentlib
npm i
npm run build
npm link

Setup consumer-app

cd consumer-app
npm i
npm link my-componentlib
npm start

Now open your browser and check the console

Error

We get this error:

An analysis has shown that it could have to do with BUILD.lazyLoad could be involved:

Related Discord thread: https://discord.com/channels/520266681499779082/1222283897124028496/1222283897124028496