I answered my own question. Looks like I had the wrong build target. Everything is working as expected. I used the following build environment in PlatformIO and everything builds and works correctly. It is possible when I had the problem that I had chosen the wrong "board" for the build target. I'm considering this a closed issue as far as I am concerned.
platform = espressif32
board = m5stack-grey
framework = arduino
lib_deps = m5stack/M5Stack@^0.3.1
The Bala2 example application source from Github https://github.com/m5stack/M5-ProductExampleCodes/tree/master/Application/Bala2 compiles successfully but when the code is ran on the Bala2 Core it stops at the "calibration finished!!" indication. I have tried this in both Arduino IDE 1.8.13 and PlatformIO with the same result. I can flash the Bala2 with the M5burner factory firmware and everything works as expected. Is there an additional step to building from source?
Has any one been able to successfully build the example application from source?