LiteSpeed backups fail with S3 Compatible Storage MinIO (4378248)

If in LiteSpeed a Cloud Account was set up with a destination of a S3-Compatible MinIO bucket, console will confirm the connection

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But the backup jobs will fail with the following error message: 

Msg 62404, Level 16, State 1, Line 0
Backup of databse "AdventureWorks2019" failes.
Connect to Amazon error: A WebException with status SendFailure was thrown. 
Can't create bucket [bucket name]

The error message will appear in both the LiteSpeed console or running the script. 

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LiteSpeed does not support this type of S3-Compatible storage. 

Bug confirmed: LS-2523

There is no workaround of the issue at the moment.