Using a texture object in material when creating a baked material will result in black material.
Confirmed in 4.23 MAIN @ CL 5806859
User also reports "this also applies to the material as seen by Lightmass, resulting in materials becoming "black holes" they do not generate any indirect light."
Result: Baked material is black
There's no existing public thread on this issue, so head over toAnswerHub just mention UE-72575 in the post.