I had a hole like that in one of the middle pistons of my 4.0L in 2018. It had been running rough and slowly losing power for a couple days, ending with needing 3rd gear and wrapped up tight to keep up on the highway (5-speed manual), then a sudden cloud of blue smoke on the highway and lost all the remaining power. Yes, I should have stopped driving it when I first noticed, but I wasn't exactly thinking straight.
I ended up with a short block from RockAuto. And replaced the synchros while I had it out anyway. Best I can figure is either a bad radiator cap or a cracked radiator (replaced both of those too), so that I couldn't keep water in it, and the temp gauge on the dash didn't show over-temp with air/steam. Thus, overheating without knowing, and eventually melted a hole in the piston. It looked a lot like the pictures here. I'm fuel injected, and the check engine light never came on, so I doubt I had a bad mixture. It did come on when an exhaust coupling came apart, so the light does work.
Don't know if that was the actual cause or not - I wasn't particularly scientific, just wanted to get it back on the road - so I'm interested to see what you come up with.