Just wanted to add to this thread that I am seeing this as well. Ran older Windows 10 on a MacBookPro with Fusion 11.x for 2 years and never had a problem. Updated Mac to 11 and Fusion 12.1 a couple weeks ago and now get the mup.sys BSOD multiple times a week.  When it happens, there was some update occurring with a shared folder I use to transfer files between my VM and my Mac.   I wish I could back out of the updates now, but that's not possible for me.

My VMWare:  Fusion Profession Version 12.1.0 (17195230)

My Windows: MS Windows 10 Enterprise, 10.0.18363 Build 18363

My Mac: MacBookPro15,1, macOS 11.0.1

Again, 2 years of operation and never a peep.  Used the shared drive constantly between MacOS and W10. Refresh everything and now W10 VM crashes at least once a day.  I now just use a folder under the vm C: for Windows saving, and then do periodic transfers to the shared drive (to limit the pain).