Hello @turgu
FWIW: in M5PaperS3 the eInk display is directly controlled by ESP32S3.
In M5Paper the GPIO WaitBusy() checks is GPIO27 which comes directly from IT8951 so I guess if the line never goes HIGH either IT8951 is not (properly) powered or defective.
Anyhow, have you tried to change the code to ignore the busy state of IT8951; maybe add some small delay instead.
BTW: I measured GPIO27 and when M5Paper is running it's being pulled up. I don't see a pull-up resistor in the schematics so I guess IT8951 is pulling it up (when not busy).
Thanks
Felix