"Assertion failed on expression: 'mipLevel < m_MipCount'" error when using Texture2D.Compress() method

Unity: Texture

2023.3.X

2023.2.X

2022.3.X

2021.3.X

2023.1.X

2022.2.X

Reproduction steps:
1. Open the attached "IN-41188.zip" project
2. Open "Assets/Scenes/SampleScene"
3. Enter Play mode
4. Observe the Console

Expected result: No errors are thrown
Actual result: "Assertion failed on expression: 'mipLevel < m_MipCount'" errors are thrown

Reproducible with: 2022.2.20f1, 2023.1.0b17, 2023.2.0a15
Couldn't test with: 2020.3.48f1, 2021.3.25f1 (CS1061 error)

Reproducible on: Windows 10

Note: Not reproducible in Windows Player