https://graph.microsoft.com/v1.0/reports redirects the available report for download to reportsweu.office.com.
If the powershell session doesn't support TLS1.2 the connection is dropped and the error is only visible when performing a trace.
Perhaps it is wise to report this error or set it as required if many endpoints will require this.
Enabling strong crypto or adding the following below fixes this issue.
[Net.ServicePointManager]::SecurityProtocol = [Net.SecurityProtocolType]::Tls12
AB#7441