I tried the hard firmware reset and it did not work.
I've had issues with the USB connection being lost during a firmware update and after the new firmware fully installed.
I must power cycle my P25RX during and after a FW update to get it going again.
That's always worked for me. I don't need to give it much time either when the connection is lost with the BTConfig software. When my connection drops, I'll usually wait 10 to 20 seconds before pulling and re-jacking the USB cable for a power cycle leaving BTConfig running the entire time.
On the final stage of a FW update, the P25RX LED is normal indicating it's receiving the system I'd put in but no communications with BTConfig.
Once I power cycle the P25RX one last time, it then connects to BTConfig and works just fine.
Do you have other USB ports you can try? I've had issues with some USB 3.0 or 3.1 ports using an ASMedia USB 3.1 chipset.
When I moved the P25RX to another port that uses an Intel chipset, the P25RX worked fine.
You may want to play around with USB ports if your computer has several. Mine is an ASUS board so it has several USB chipsets on the board.
Hopefully you will find a port that gets things going for you.
edit: the USB ports that ended up working well with my P25RX are Intel chipset ports rated for USB 2.0 speeds.
This ASUS board has USB 3.1 ports that use both, an ASMedia and Intel USB 3.1 chipset controller also. All of the USB 3.1 ports had issues with the P25RX locking up after a few seconds to several minutes.
Using a USB 2.0 Intel port is what fixed my P25RX.
I also had some luck using a 2.0 speed external hub but that was still not perfect but did run for hours before locking up.