A Windows VM can react with a reboot-loop if it finds itself in a environement that no longer looks like it looked last time.
A very triial and mostly harmless reason could be a changed nvram-file.
This can result in a changed boot-order for example.
So check the Bootorder in BIOS or EFI first.
By the version change for VMware it may also be possible - that the Windows-mass-storage drivers no longer work.
The old version may have assigned the vmdks as IDE - while the current VM is configured with SATA.
When I have to troubleshoot such a VM I usually check boot-order first.
Then I check vmx-file - to verify that all VMDKs are still used like they were before.
If it still fails - it is a good idea to boot the VM into a Windows-LIVECD.
With the LveCD you can find also reasons that are not trivial.
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Do you need support with a VMFS recovery problem ? - send a message via skype "sanbarrow"
I do not support Workstation 16 at this time ...