This talk by Denzel Farmer at Columbia isn't a complete disassembly of the payload but it's the best I've seen so far.
Slides if you don't want to watch the video: https://cs4157.github.io/www/2024-1/lect/21-xz-utils.pdf
The link you want from that is this https://bsky.app/profile/filippo.abyssdomain.expert/post/3ko... ; that set of tweets has the high level overview.
They in turn links to https://github.com/amlweems/xzbot which has more details.
The TL;DR is that is hooks the RSA bits to look for an RSA cert with a public key that isn't really an RSA public key; the pubkey material contains a signed & encrypted request from the attacker, signed & encrypted with an ed448 key. If the signature checks out, system() is called, i.e., RCEaaS for the attacker.