Hmmmm, could it be the PNGs are lower than 8-bit?
I remember years ago, GrannyGrump's post about 4-bit PNGs being buggy in ADE:
https://www.mobileread.com/forums/sh....php?p=2633151
and I know I ran across some oddities with Kindlegen with my Formulas to PNG (mostly with transparent backgrounds):
https://www.mobileread.com/forums/sh...d.php?t=223254
I detailed my method of saving as 17 colors, so it forced any sort of PNG compression/optimizers to treat it as 8-bit PNGs.
And from what I remember... MAAAANY YEARS ago, Kindlegen didn't support PNGs. Many years back, Kindlegen added PNG support, and sometimes did Color->JPG + Grayscale/Indexed->GIF... and when I last tested a few years back, my PNGs were not converted to JPG or GIF by Kindlegen.
Thought 1: Hmmmm could it also be a regression in Kindlegen recently? I must admit, I haven't done a lot of conversions with images lately (~the past year and a half).
Thought 2: I haven't poked around in these images specifically... do you have an Alpha channel or a strange Indexed PNG with transparency in it?
Thought 3: Taking another stab in the dark here... but could it also be PNGs over a certain filesize get compressed by Kindlegen? See if there's a limit of something like 256 KB where the PNG won't get converted.