I've got the exact same issue. I know it's happening if all the items that are supposed to be in the host's Traveler's Chest are on the ground at the very start of the game in the Nautilus ship during the Tutorial.

We've tried several games by switching host, and the issue happens every single time for us. Haven't found a solution or a possible cause.

If anyone knows how to fix this issue, I'd love to hear it :')