Confirming that this reproduces on current PHP-8.0 HEAD.

To ease with the debugging I have reduced the example to the following:
=================
<?php

echo '<pre>';
$tokens = [
    5 => ':',
    6 => 'bar',
    7 => ' ',
];

for ($pos = 5; $pos < 8; $pos++) {
    $t = $tokens[$pos];
    
    if ($t === ':') { // KeyValuePair separator
        echo 'Sep: ' . $pos . PHP_EOL;
        $hasKey = true;
    } elseif ($t[0] === " ") { // Indent
        echo 'Indent: ' . $pos . PHP_EOL;

        if ($hasValue && !$hasKey) {
        } elseif ($hasKey) {
            $hasKey = $hasValue = false;
        }
    } else { // Value
        echo 'Val: ' . $pos . PHP_EOL;
        $hasValue = true;
    }
}

echo 'Return: ' . $pos . PHP_EOL;
=====================
Expected:
Sep: 5
Val: 6
Indent: 7
Return: 8
====================
With OPCache enabled this will go into infinite loop. 
I have also made a slightly different test case https://pastebin.com/sCbzpQ5D 
This one repeats loop no. 7 twice

I have arrived at a similar reduction:

<?php
function test($a, $b, $c) {
    do {
        if ($a && !$b) {
            break;
        } else if ($b) {
            echo "foo\n";
        }
        echo "bar\n";
    } while ($c);
    echo "baz\n";
}
test(true, true, false);

Seems to be introduced by the block pass:

test:
     ; (lines=15, args=3, vars=3, tmps=2)
     ; (before block pass)
     ; /home/nikic/php/php-8.0/t007.php:3-13
     ; return  [] RANGE[0..0]
BB0:
     ; start lines=[0-2]
     ; to=(BB1)
0000 CV0($a) = RECV 1
0001 CV1($b) = RECV 2
0002 CV2($c) = RECV 3

BB1:
     ; follow target lines=[3-3]
     ; to=(BB5, BB2)
0003 T3 = JMPZ_EX CV0($a) BB5

BB2:
     ; follow lines=[4-6]
     ; to=(BB5, BB8)
0004 T4 = BOOL_NOT CV1($b)
0005 T3 = BOOL T4
0006 JMPZNZ T3 BB5 BB8

BB3:
     ; unreachable lines=[7-7]
     ; to=(BB8)
0007 JMP BB8

BB4:
     ; unreachable lines=[8-8]
     ; to=(BB7)
0008 JMP BB7

BB5:
     ; target lines=[9-9]
     ; to=(BB7, BB6)
0009 JMPZ CV1($b) BB7

BB6:
     ; follow lines=[10-10]
     ; to=(BB7)
0010 ECHO string("foo
")

BB7:
     ; follow target lines=[11-12]
     ; to=(BB1, BB8)
0011 ECHO string("bar
")
0012 JMPNZ CV2($c) BB1

BB8:
     ; follow target exit lines=[13-14]
0013 ECHO string("baz
")
0014 RETURN null

test:
     ; (lines=11, args=3, vars=3, tmps=2)
     ; (after block pass)
     ; /home/nikic/php/php-8.0/t007.php:3-13
     ; return  [] RANGE[0..0]
BB0:
     ; start target lines=[0-2]
     ; to=(BB1)
0000 CV0($a) = RECV 1
0001 CV1($b) = RECV 2
0002 CV2($c) = RECV 3

BB1:
     ; follow target lines=[3-3]
     ; to=(BB5, BB2)
0003 JMPZ CV0($a) BB5

BB2:
     ; follow lines=[4-4]
     ; to=(BB8, BB0)
0004 JMPZNZ CV1($b) BB8 BB0

BB5:
     ; target lines=[5-5]
     ; to=(BB7, BB6)
0005 JMPZ CV1($b) BB7

BB6:
     ; follow lines=[6-6]
     ; to=(BB7)
0006 ECHO string("foo
")

BB7:
     ; follow target lines=[7-8]
     ; to=(BB1, BB8)
0007 ECHO string("bar
")
0008 JMPNZ CV2($c) BB1

BB8:
     ; follow target exit lines=[9-10]
0009 ECHO string("baz
")
0010 RETURN null