So I can't replicate this accurately with my MagTag, but I did experience something similar yesterday.
Here's how I fixed it:
1) Enter ROM bootloader mode, https://learn.adafruit.com/adafruit-mag ... -3076820-1
2) Download the bootloader for MagTag, https://learn.adafruit.com/adafruit-mag ... -3077972-6
3) Used the Web Serial ESPTool to erase the magtag, then upload the new tinyusb bootloader binary, https://learn.adafruit.com/adafruit-mag ... al-esptool
4) Restarted the MagTag and dragged a new WipperSnapper UF2 onto the BOOT volume.
I'm not yet sure where/how it's getting stuck in the bootloader.