BugCheck/BSOD is broken during Setup CD kernel boot

It just freezes the system at the black screen, where usually boot screen appears. 

How to reproduce:

• Call BSOD in any way during text-mode setup kernel boot. I just wrote bootcd.iso to my USB-drive and booted from it. 

What I tried:

• Remove /NOGUIBOOT from TXTSETUP.SIF
  Result: It freezed again, but with usual boot screen

• Remove blue.sys from drivers folder
  No results related to blue screen

I can record a video, but it's just a black screen and nothing more.

Remark: after starting USETUP, blue screen starts to work correctly, you can check it by pressing Ctrl+Double Scroll Lock.