Tool/software:
Hello, I made a quick video to demonstrate the issue- the output initially looks normal (0 to 3.3V square wave) for a very brief period after powering on, but then switches to a 2V to 3.3V square wave:
https://www.youtube.com/shorts/wjrvwyceRhU
RXD is connected by the PCB to the input pin of an ESP32. Here is the line of code setting up that pin: