Iv’e not seen this issue myself, but a quick google search shows others with the issue also. A few questions come to mind.
Is MSYS2 installed in the root of C drive? C:\msys64
I’m not too sure if running in safe mode can help but, what happens if you try to run in safe mode with networking?
Are there any programs from the following list that are installed? disabling those help?
https://cygwin.com/faq/faq.html#faq.using.bloda