I've compared "profile error" logs with and without cookie wipe.
Without:
>**VERBOSE1:first_run_detector_impl.cc(150)] No version change detected. Assuming normal run.**
>VERBOSE1:pref_proxy_config_tracker_impl.cc(185)] 0000000000595CD0: set chrome proxy config service to 0000000000596130
>WARNING:process_singleton_win.cc(345)] Will attempt to lower process integrity level.
>VERBOSE1:statistics_recorder.cc(428)] Collections of all histograms
>VERBOSE1:statistics_recorder.cc(428)] Collections of all histograms
>**VERBOSE1:first_run_detector_impl.cc(150)] No version change detected. Assuming normal run.**
>VERBOSE1:pref_proxy_config_tracker_impl.cc(185)] 00000000004147D0: set chrome proxy config service to 0000000000414C30
>WARNING:process_singleton_win.cc(345)] Will attempt to lower process integrity level.
>VERBOSE1:component_update_scheduler_impl.cc(88)] Registered component Partner Content Autoupdate
>VERBOSE1:component_update_scheduler_impl.cc(190)] Next component update check in 60 s
>VERBOSE1:network_delegate.cc(32)] NetworkDelegate::NotifyBeforeURLRequest: https://autoupdate.geo.opera.com/geolocation/
>VERBOSE1:component_update_scheduler_impl.cc(88)] Registered component PrefsOverride
>VERBOSE1:component_update_scheduler_impl.cc(88)] Registered component sitepatcher_opautoupdatechecker
>VERBOSE1:component_update_scheduler_impl.cc(88)] Registered component sitepatcher_opautoupdatechecker_siteprefs
>ERROR:os_crypt_win.cc(92)] Failed to decrypt: The parameter is incorrect. (0x57)
>VERBOSE1:pref_proxy_config_tracker_impl.cc(185)] 00000000084C4F20: set chrome proxy config service to 000000000344F440
>VERBOSE1:token_cache_impl.cc(28)] Token cache created.
>VERBOSE1:token_cache_impl.cc(37)] Token cache initializing.
>**VERBOSE1:persistent_session_impl.cc(140)] Loaded session in state INACTIVE for user_id**
With:
>**VERBOSE1:first_run_detector_impl.cc(150)] No version change detected. Assuming normal run.**
>VERBOSE1:pref_proxy_config_tracker_impl.cc(185)] 0000000000434CD0: set chrome proxy config service to 0000000000435130
>WARNING:process_singleton_win.cc(345)] Will attempt to lower process integrity level.
>VERBOSE1:statistics_recorder.cc(428)] Collections of all histograms
>VERBOSE1:statistics_recorder.cc(428)] Collections of all histograms
>**VERBOSE1:first_run_detector_impl.cc(46)] Unable to fetch version from list.**
>VERBOSE1:first_run_detector_impl.cc(122)] Last version not found. Assuming first run ever.
>VERBOSE1:pref_proxy_config_tracker_impl.cc(185)] 00000000021870A0: set chrome proxy config service to 0000000000679200
>WARNING:process_singleton_win.cc(345)] Will attempt to lower process integrity level.
>VERBOSE1:component_update_scheduler_impl.cc(88)] Registered component Partner Content Autoupdate
>VERBOSE1:component_update_scheduler_impl.cc(190)] Next component update check in 60 s
>VERBOSE1:network_delegate.cc(32)] NetworkDelegate::NotifyBeforeURLRequest: https://autoupdate.geo.opera.com/geolocation/
>VERBOSE1:network_delegate.cc(32)] NetworkDelegate::NotifyBeforeURLRequest: https://autoupdate.geo.opera.com/geolocation/
>VERBOSE1:component_update_scheduler_impl.cc(88)] Registered component PrefsOverride
>VERBOSE1:component_update_scheduler_impl.cc(88)] Registered component sitepatcher_opautoupdatechecker
>VERBOSE1:component_update_scheduler_impl.cc(88)] Registered component sitepatcher_opautoupdatechecker_siteprefs
>ERROR:os_crypt_win.cc(92)] Failed to decrypt: The parameter is incorrect. (0x57)
>VERBOSE1:pref_proxy_config_tracker_impl.cc(185)] 0000000008AE8690: set chrome proxy config service to 0000000008AE8980
>VERBOSE1:token_cache_impl.cc(28)] Token cache created.
>VERBOSE1:token_cache_impl.cc(37)] Token cache initializing.
>**VERBOSE1:persistent_session_impl.cc(135)] Loaded broken session, treating as empty.**
>VERBOSE1:persistent_session_impl.cc(219)] Changing state from UNSET to INACTIVE
Notice, that first_run_detector_impl.cc and persistent_session_impl.cc are not the Chromium code. And the whole problem is likely triggered by some Opera telemetry collection code in statistics_recorder.cc.