This may be unrelated to your problem, I was having the same problem and enabled the debug menu within VRChat itself and, upon starting up my Spout Stream I noticed I had an “S8_SRGB” error - researching this lead me to believe it is related to a mismatch between the video formats VRChat’s Spout Stream is exporting via and what OBS is receiving via.
This didn’t make sense initially, until I realised I run OBS through my secondary GPU (an Intel Arc) and VRC through my Primary (Nvida RTX), setting OBS to use the Nvidia RTX GPU resolved my issue (Windows: System->Display->Graphics->OBS Studio->GPU preference).
Hopefully this helps you or others who may come across this post
I’m using NV12 (8bit, 4:2:0, 2 planes), SRGB, Full for my Advanced Video settings - which match up with what VRC should be outputting via (Nvidia RTX GPU) myself.
Apologies if this isn’t solving your direct issue, I would recommend swapping off BGRA as a colour space as it likely isn’t supported by VRChat.
The Debug Menu may be able to help you identify any issues, enable all logging and launch VRC with the given parameters on their wiki, then use a world with nothing active/playing and toggle your Cam/Face Mirror spout stream off and on and see if it has any errors !