When you created a FerrVaultConnection, the operator added its finalizer and then stopped there. Nothing scheduled the next pass, so the connection showed no Ready condition until something else touched it, such as its token Secret changing, or the next periodic resync.

The operator now probes the connection on the same pass that adds the finalizer, so Ready appears as soon as you apply the manifest. A connection pointing at a missing token Secret reports TokenUnreadable immediately instead of staying blank. Upgrade with helm upgrade.