Conversion SG from Old To New leads to unexpected error

Short step to reproduce:

• Import attached package in HDRP project
• Open VFX
• Observe error

Unexpected missing material settings on VFX 'Assets/Samples/BonFire/VFX/BonFire.vfx' using ShaderGraph 'Assets/Samples/BonFire/VFX/Shaders/BonfireFlame.shadergraph'.
This invalid state can lead to an incorrect sort mode.`

Longer step:

• Create a SG using the old integration (this option is still reachable if you enable it in Preference/VisualEffect)
• Setup a VFX with this old SG
• Save the VFX
• Go back in SG, change it to target an unlit (HDRP or URP), toggle the "Support VFX Graph" and remove the VFXTarget
• Save the SG
• Observe the same issue during import of the VFX

Workaround: Behind the scene, the materialSettings isn't filled, you can notice it with debug view.
Changing any settings of the output which isn't hold by material (like generate motion vector or indirect draw), it will resync materialSettings.

N.B.: This issue is specific between 2022.2 & 2023.1 included, the material workflow approach get rid off this convoluted initialization.