I have been experiencing this same issue, although it seems to really only creep up while I am gaming if VMs hum away in the background. I feel like some of it relates to a Windows update that came out in December (KB4592438), as it made changes to virtualization. Not long after that update was released, I moved from one SSD to another in a vain attempt to fix the issue, not realizing at the time that my issue was virtualization-related.

If I stress test my PC's CPU and memory, no issues arise, even after hours of running the stress-test tools. But, in the past month, I've blue-screened five times while playing a game because I forgot to shut down my VMs first. Once I close Workstation, I can freely game without the risk of a blue screen.

This is annoying me to the point that I'm considering switching PCs and simply hope I don't encounter the issue there. I too upgraded from Workstation 15 to 16, and began seeing that same NMI Hardware Failure error. It's getting frustrating.