You can run an xperf trace to capture driver power events with:
C:\> xperf.exe -start power_session -on Microsoft-Windows-Kernel-Power
C:\> timeout 15
C:\> xperf.exe -stop power_session
C:\> xperf.exe -i c:\user.etl > c:\power_log.txt
C:\> start c:\power_log.txt
Search the log for lines starting with Microsoft-Windows-Kernel-Power/Irp/win:Start and ending with 0 (which represents a transition to D0 power state). Whatever is calling PoFxReportDevicePoweredOn will have it's device path listed.
Microsoft-Windows-Kernel-Power/Irp/win:Start, TimeStamp, Process Name ( PID), ThreadID, CPU, etw:ActivityId, etw:Related ActivityId, etw:UserSid, etw:SessionId, Irp, PowerStateType, MinorFunction, TargetDevice, InstanceNameLength, InstanceName, PowerState
Microsoft-Windows-Kernel-Power/Irp/win:Start, 15417, "Unknown" ( 4), 20, 2, , , , , 0xffffaa0804fb1c20, 1, 2, 0xffffaa07fd742ca0, 60, "PCI\VEN_8086&DEV_5917&SUBSYS_225917AA&REV_07\3&11583659&0&10", 0
Microsoft-Windows-Kernel-Power/Irp/win:Start, 93924, "Unknown" ( 4), 660, 1, , , , , 0xffffaa0804fb1c20, 1, 2, 0xffffaa07fd742ca0, 60, "PCI\VEN_8086&DEV_5917&SUBSYS_225917AA&REV_07\3&11583659&0&10", 3
Microsoft-Windows-Kernel-Power/Irp/win:Start, 442694, "Unknown" ( 4), 20, 0, , , , , 0xffffaa0804fb1c20, 1, 2, 0xffffaa07fd742ca0, 60, "PCI\VEN_8086&DEV_5917&SUBSYS_225917AA&REV_07\3&11583659&0&10", 0
Microsoft-Windows-Kernel-Power/Irp/win:Start, 506018, "Unknown" ( 4), 660, 0, , , , , 0xffffaa0804fb1c20, 1, 2, 0xffffaa07fd742ca0, 60, "PCI\VEN_8086&DEV_5917&SUBSYS_225917AA&REV_07\3&11583659&0&10", 3
Microsoft-Windows-Kernel-Power/Irp/win:Start, 856490, "Unknown" ( 4), 20, 3, , , , , 0xffffaa0804fb1c20, 1, 2, 0xffffaa07fd742ca0, 60, "PCI\VEN_8086&DEV_5917&SUBSYS_225917AA&REV_07\3&11583659&0&10", 0
Microsoft-Windows-Kernel-Power/Irp/win:Start, 934942, "Unknown" ( 4), 660, 0, , , , , 0xffffaa0804fb1c20, 1, 2, 0xffffaa07fd742ca0, 60, "PCI\VEN_8086&DEV_5917&SUBSYS_225917AA&REV_07\3&11583659&0&10", 3
Microsoft-Windows-Kernel-Power/Irp/win:Start, 1296908, "Unknown" ( 4), 20, 6, , , , , 0xffffaa0804fb1c20, 1, 2, 0xffffaa07fd742ca0, 60, "PCI\VEN_8086&DEV_5917&SUBSYS_225917AA&REV_07\3&11583659&0&10", 0
Microsoft-Windows-Kernel-Power/Irp/win:Start, 1377503, "Unknown" ( 4), 660, 0, , , , , 0xffffaa0804fb1c20, 1, 2, 0xffffaa07fd742ca0, 60, "PCI\VEN_8086&DEV_5917&SUBSYS_225917AA&REV_07\3&11583659&0&10", 3
Microsoft-Windows-Kernel-Power/Irp/win:Start, 1724611, "Unknown" ( 4), 20, 3, , , , , 0xffffaa0804fb1c20, 1, 2, 0xffffaa07fd742ca0, 60, "PCI\VEN_8086&DEV_5917&SUBSYS_225917AA&REV_07\3&11583659&0&10", 0
You can get the description of the device with Get-PnPDevice:
PS C:\WINDOWS\system32> Get-PnPDevice 'PCI\VEN_8086&DEV_5917&SUBSYS_225917AA&REV_07\3&11583659&0&10'
Status Class FriendlyName InstanceId
OK Display Intel(R) UHD Graphics 620 PCI\VEN_...
In my case, the culprit was "Intel(R) UHD Graphics 620", which was rapidly transitioning between D3 (sleep) and D0 (powered on). Since the eGPU was driving all displays, I disabled the Intel graphics driver in Device Manager, and the problem ceased.