Thank you Martin,
I already manually stripped EXT-X-BITRATE from my file, and everything started working perfectly. I was a bit confused at first since it’s the official spec since 2018 and I was using the official/latest mediafilesegmenter binary.
On another note, HLS in FV Player does not work (does not start, (stutters, stops, does not load, etc) on devices with M1 architecture (some iPads and newer Macbooks). More info here:
https://github.com/video-dev/hls.js/issues/3834
I’ve manually updates hls.min.js to the latest version (1.1.3), and now everything works perfectly. It might be time to update it in FV Player plugin as well.