I had this happen today as well, wasting a lot of filament (that I made a special trip to pick up and dry last night) and time. Super frustrated customer here.
Machine: P1S
Stock SD card: No. I replaced with 128GiB Sandisk about 1.5 weeks ago, formatted in printer (after formatting to FAT32 with EaseUS on PC).
Bambu Lab Slicer Version: 01.10.1.50
P1 Firmware version: 01.07.00.00
Approximate layer number where it failed: approximately layer 90
Approximate time elapsed between print start and failure: ~3.5 hours
The timing of this, and everyone having 1.07.00 firmware seems VERY suspect. Looking at the release notes, my guess would be something related to the feature optimization for “Pause print if abnormal bed-leveling data exceed the threshold. This helps protect the buildplate from unwanted damage.” It wasn’t leveling the bed, but that would have messed with feedback from the printer as well as pausing printing (which ended up cancelling here).
I will open a support ticket too because Bambu really needs to fix this one quick.