Solution
There was a known issue with the PXIe-88X2 controller series BIOS that affected their behavior when the Inhibit Mode chassis feature was set to Manual.
In order to fix this issue, install the latest PXIe-88X2 BIOS version - There is no known workaround for this issue.
Refer to this article to learn how to upgrade the BIOS version using the file obtained from the previous link.
Alternatively, you could refer to the BIOS installer readme file.