Did you monitor the boot process and see in which stage was the server rest? Did you assign a non-SSD VD to this compute module and see if it still has this issue?
Also please check the following BOIS settings:
Server Management => FRB-2 Enable [Enabled] It will reset the server if it doesn't complete the POST in ~6 mins.
Server Management => OS Boot Watchdog Timer [Disabled] This should be disabled unless Intel System Management Software is installed (not available on VMware ESXi)
The drives do have the AXXTM3SATA adapters installed.
I was monitoring the boot process via remote KVM, but during the first two attempts nothing actually displayed in the KVM remote screen.
I will double check the BIOS settings you mentioned and also attempt booting to a non-SSD device.
You can also check the log on CMM and see if there're anything related to POST failure. Doesn't look related to SSD if nothing is displaying on the screen.