We had several Dell servers that have ESXi installed on SD card which still showed missing patches after installing the 7.0.1 build 16850804. When we restarted the ESXi host it reverted back to 7.0.0. After some investigation we noticed issues with /bootbank and /altbootbank. We also noticed this issue on a freshly installed ESXi 7.0.1 build 16850804.
To fix the issue is to add a new parameter to boot.cfg kernelopt line. The parameter is devListStabilityCount=10. We also added this line to 6.7.0 before upgrading it to 7.0.1.