Well just to update this and bring it to a close. I opened a support ticket in my partner portal and Peplink engineer remotely connected to the device last night. They said the unit is DOA, the cellular modem is faulty out of the box and thats why its just saying resetting.
I have a second brand new Max Transit 5G sitting here. I opened that this morning, put my T-Mobile SIM card in it that has a static IP enabled and sure enough, it connected to 5G no problem and set my static WAN IP after changing the APN to B2B.static as instructed by T-Mobile. Peplink has a new unit heading my way for the bad one.