So during additional debugging I happened upon a very strange thing indeed. In the code above you will note that I am using a local copy of KO v3.4.0 right? While creating a jsFiddle of this problem though, I of course needed to pull KO from the CDN and so I replaced my call to the local copy with this:
Running the test again and - DING - no more problem. The error is gone and the first instance is populated with "No params passed." as it should.
My mind is spinning on what the cause would be. Is the DOMContentLoaded event firing before KO is loaded? Don't think so because the error is genuine. Is my local copy corrupt? Then why does it work on the second instance?
I'm not sure if this is better or worse! lol