No, sounds like a software issue.

EDIT: other sources are saying it is actually a hardware problem. But there's nothing actually "loose" that's physically rattling as far as people can tell (specially since noise cancellation off minimizes the problem)

It seems to be a microphone failure causing erratic noise-cancelling behaviour.

Aren't the AirPods pretty tightly packed and full of glue? You'd think there'd be very little tolerance for something to rattle about in there (not that I know what it sounds like).

I don't think it was something physically coming dislodged, at least in my case. When in noise cancelling or transparency, and I spoke I would get static in the right AirPod. If I wasn't speaking or hearing any other external sounds coming in, the speaker was fine.

It’s like a deteriorating component or maybe ear wax or something getting where it shouldn’t.

They worked fine for a month or so...

Sometimes the mode doesn’t “click” until you switch it to NC then back to the middle.

It’s a mess.

You need to use the UI (assuming you have access to an iOS device).