I enabled CONFIG_TI_CPSW_SWITCHDEV and verified seems like it did not fix the problem. Below is the log.
~$ dmesg | grep mdio
[ 3.039021] davinci_mdio 4a101000.mdio: davinci mdio revision 1.6, bus freq 1000000
[ 3.039057] libphy: 4a101000.mdio: probed
[ 3.039352] mdio_bus 4a101000.mdio: MDIO device at address 0 is missing.
Adding detailed log for reference
U-Boot 2021.10-00011-g6988a046 (Mar 08 2022 - 00:19:27 +0530)
CPU : AM335X-GP rev 2.1
Model: TI AM335x BeagleBone Black
DRAM: 512 MiB
Reset Source: Global warm SW reset has occurred.
Reset Source: Power-on reset has occurred.
RTC 32KCLK Source: External.
WDT: Started with servicing (60s timeout)
MMC: OMAP SD/MMC: 0, OMAP SD/MMC: 1
Loading Environment from EXT4... ** File not found /boot/uboot.env **
** Unable to read "/boot/uboot.env" from mmc0:1 **
Board: BeagleBone Black
<ethaddr> not set. Validating first E-fuse MAC
BeagleBone Black:
Model: SeeedStudio BeagleBone Green:
BeagleBone Cape EEPROM: no EEPROM at address: 0x54
BeagleBone Cape EEPROM: no EEPROM at address: 0x55
BeagleBone Cape EEPROM: no EEPROM at address: 0x56
BeagleBone Cape EEPROM: no EEPROM at address: 0x57
Net: Could not get PHY for ethernet@4a100000: addr 0
eth2: ethernet@4a100000, eth3: usb_ether
Press SPACE to abort autoboot in 0 seconds
board_name=[BBG1] ...
switch to partitions #0, OK
mmc0 is current device
SD/MMC found on device 0
Couldn't find partition 0:2 0x82000000
Can't set block device
Couldn't find partition 0:2 0x82000000
Can't set block device
switch to partitions #0, OK
mmc0 is current device
Scanning mmc 0:1...
Scanning disk mmc@48060000.blk...
Scanning disk mmc@481d8000.blk...
Found 7 disks
No EFI system partition
BootOrder not defined
EFI boot manager: Cannot load any image
switch to partitions #0, OK
mmc0 is current device
Checking for: /uEnv.txt ...
934 bytes read in 3 ms (303.7 KiB/s)
Loaded environment from /uEnv.txt
Importing environment from mmc ...
Checking if uenvcmd is set ...
Running uenvcmd ...
Checking for: /boot/uEnv.txt ...
708 bytes read in 3 ms (230.5 KiB/s)
Loaded environment from /boot/uEnv.txt
Checking if uname_r is set in /boot/uEnv.txt...
Running uname_boot ...
loading /boot/vmlinuz-5.10.87-bone-rt-r59 ...
9515520 bytes read in 602 ms (15.1 MiB/s)
debug: [enable_uboot_overlays=1] ...
debug: [enable_uboot_cape_universal=1] ...
debug: [uboot_base_dtb_univ=am335x-boneblack-uboot-univ.dtb] ...
uboot_overlays: [uboot_base_dtb=am335x-boneblack-uboot-univ.dtb] ...
uboot_overlays: Switching too: dtb=am335x-boneblack-uboot-univ.dtb ...
loading /boot/dtbs/5.10.87-bone-rt-r59/am335x-boneblack-uboot-univ.dtb ...
215646 bytes read in 19 ms (10.8 MiB/s)
Found 0 extension board(s).
uboot_overlays: [fdt_buffer=0x60000] ...
uboot_overlays: loading /boot/dtbs/5.10.87-bone-rt-r59/overlays/M-BB-BBG-00A0.dtbo ...
418 bytes read in 7 ms (57.6 KiB/s)
uboot_overlays: uboot loading of [BB-ADC-00A0.dtbo] disabled by /boot/uEnv.txt [disable_uboot_overlay_adc=1]...
uboot_overlays: loading /lib/firmware/BB-UART1-00A0.dtbo ...
1022 bytes read in 33 ms (29.3 KiB/s)
uboot_overlays: loading /lib/firmware/BB-UART2-00A0.dtbo ...
1022 bytes read in 18 ms (54.7 KiB/s)
uboot_overlays: loading /lib/firmware/BB-UART4-00A0.dtbo ...
1022 bytes read in 31 ms (31.3 KiB/s)
uboot_overlays: loading /lib/firmware/BB-AAIM-LCD-00A1.dtbo ...
4817 bytes read in 8 ms (587.9 KiB/s)
uboot_overlays: loading /lib/firmware/BB-I2C1-00A0.dtbo ...
1102 bytes read in 18 ms (59.6 KiB/s)
uboot_overlays: uboot loading of [BB-BONE-eMMC1-01-00A0.dtbo] disabled by /boot/uEnv.txt [disable_uboot_overlay_emmc=1]...
debug: [console=ttyS0,115200n8 bone_capemgr.uboot_capemgr_enabled=1 root=/dev/mmcblk0p1 ro rootfstype=ext4 rootwait coherent_pool=1M quiet] ...
debug: [bootz 0x82000000 - 88000000] ...
Kernel image @ 0x82000000 [ 0x000000 - 0x913200 ]
## Flattened Device Tree blob at 88000000
Booting using the fdt blob at 0x88000000
Using Device Tree in place at 88000000, end 88098fff
Starting kernel ...
[ 1.651096] l3-aon-clkctrl:0000:0: failed to disable
[ 1.696397] omap_voltage_late_init: Voltage driver support not added
[ 1.696719] PM: Cannot get wkup_m3_ipc handle
[ 1.781185] wkup_m3_rproc 44d00000.cpu: Platform data missing!
[ 1.853566] gpiochip_add_data_with_key: GPIOs 0..31 (gpio-0-31) failed to register, -517
[ 2.144954] wkup_m3_ipc 44e11324.wkup_m3_ipc: IPC Request for A8->M3 Channel failed! -517
[ 2.978586] OF: graph: no port node found in /ocp/interconnect@48000000/segment@300000/target-module@e000/lcdc@0
[ 2.978996] OF: graph: no port node found in /ocp/interconnect@48000000/segment@300000/target-module@e000/lcdc@0
[ 2.980426] tilcdc 4830e000.lcdc: no encoders/connectors found
[ 3.039352] mdio_bus 4a101000.mdio: MDIO device at address 0 is missing.
[ 3.065211] debugfs: Directory '49000000.dma' with parent 'dmaengine' already present!
[ 3.226251] gpio-of-helper ocp:cape-universal: Failed to get gpio property of 'P8_13'
[ 3.226260] gpio-of-helper ocp:cape-universal: Failed to create gpio entry
[ 3.233155] PM: Cannot get wkup_m3_ipc handle
[ 3.319986] wkup_m3_ipc 44e11324.wkup_m3_ipc: could not get rproc handle
[ 3.335801] OF: graph: no port node found in /ocp/interconnect@48000000/segment@300000/target-module@e000/lcdc@0
[ 3.336148] OF: graph: no port node found in /ocp/interconnect@48000000/segment@300000/target-module@e000/lcdc@0
[ 3.477086] PM: Cannot get wkup_m3_ipc handle
[ 3.478322] wkup_m3_ipc 44e11324.wkup_m3_ipc: could not get rproc handle
[ 3.479443] PM: Cannot get wkup_m3_ipc handle
[ 3.488233] wkup_m3_ipc 44e11324.wkup_m3_ipc: could not get rproc handle
[ 3.499887] PM: Cannot get wkup_m3_ipc handle
[ 3.507249] wkup_m3_ipc 44e11324.wkup_m3_ipc: could not get rproc handle
[ 3.997714] PM: Cannot get wkup_m3_ipc handle
[ 4.005296] wkup_m3_ipc 44e11324.wkup_m3_ipc: could not get rproc handle
[ 17.135732] PM: Cannot get wkup_m3_ipc handle
[ 17.147240] wkup_m3_ipc 44e11324.wkup_m3_ipc: could not get rproc handle
[ 17.148296] PM: Cannot get wkup_m3_ipc handle
[ 17.167241] wkup_m3_ipc 44e11324.wkup_m3_ipc: could not get rproc handle
[ 17.168324] PM: Cannot get wkup_m3_ipc handle
[ 17.175160] wkup_m3_ipc 44e11324.wkup_m3_ipc: could not get rproc handle
[ 17.183674] PM: Cannot get wkup_m3_ipc handle
[ 17.200869] wkup_m3_ipc 44e11324.wkup_m3_ipc: could not get rproc handle
[ 17.687070] PM: Cannot get wkup_m3_ipc handle
[ 17.703263] wkup_m3_ipc 44e11324.wkup_m3_ipc: could not get rproc handle
[ 24.394535] PM: Cannot get wkup_m3_ipc handle
[ 24.433638] wkup_m3_ipc 44e11324.wkup_m3_ipc: could not get rproc handle
[ 24.505197] PM: Cannot get wkup_m3_ipc handle
[ 24.520172] wkup_m3_ipc 44e11324.wkup_m3_ipc: could not get rproc handle
[ 24.525634] PM: Cannot get wkup_m3_ipc handle
[ 24.543163] wkup_m3_ipc 44e11324.wkup_m3_ipc: could not get rproc handle
[ 45.957802] 8<--- cut here ---
[ 45.957823] Unhandled fault: external abort on non-linefetch (0x1018) at 0xb6f65008
[ 45.957841] pgd = 0cd0f528
[ 45.957853] [b6f65008] *pgd=8a152831, *pte=4a101303, *ppte=4a101a33
[ 55.559690] rc.local[402]: /etc/rc.local: line 20: 449 Bus error sudo phyreg
[ 57.877599] PM: Cannot get wkup_m3_ipc handle
[ 57.891292] wkup_m3_ipc 44e11324.wkup_m3_ipc: could not get rproc handle
[ 58.089062] PM: Cannot get wkup_m3_ipc handle
[ 58.113601] wkup_m3_ipc 44e11324.wkup_m3_ipc: could not get rproc handle
Please provide your suggestions/ input.
Thanks