This is the answer. That mode puts the second harmonic going out of the HDMI cable smack in the 2.4GHz WiFi band (the fundamental would be at 1/2 the bit rate).
Now the question is who screwed up. Is it a leaky cable? Is it bad PCB design? Is it a problem internal to the SoC? Is it a power delivery issue? Knowing the RPi foundation and Broadcom, I bet one of them screwed this up for all RPis and it isn't just a bad cable.