We could easily verify that vMotion had not been enabled by Host Profiles and if we enabled it manually it would work as it should.
After talking to VMware Support we were told that this was a known bug and that a patch will be released in the future.
The workaround to get vMotion working automatically again was to disable the Network Coredump settings that was configured in Host Profiles.
If you're booting ESXi statelessly or from sdcard you will now get a warning "No coredump target has been configured. Host core dumps cannot be saved."
This warning is completely true and in case of a PSOD no data will get dumped anywhere now that this setting is disabled. If you want to get rid of this warning message you can set UserVars.SuppressCoreDumpWarning to 1. In order to include this setting in your Host Profile you will first need to set it on one of your hosts and then use that host as a reference for your profile (Copy settings from Host).
vCenter 5.5 build 1466327
ESXi build 1474528 and 1331820