What does a ArgumentNullException in Unity 3D + MRTK based project during deployment mean and how to solve it?

I'm in the midst of upgrading our Unity 2018.3 + MRTK project to Unity 2019.4. I've already encountered several issues while upgrading and thought I'll do a simple Unity 2019.4 + MRTK based application which simply consists of a cube placed in scene in order to better understand what's happening.

I've created a new 3D project, enabled the new XR plugin, added MRTK 2.4 to the scene, set the active profile in MRTK to DefaultXRDSKConfigurationProfile and added a cube. Build settings are the following:

The project build a visual studio solution which compiles and also let me deploy it to a HoloLens. However, VS 2019 shows an error DEP6701: Bootstrapping failed with unexpected error: ArgumentNullException - Value cannot be null. Error Parameter name: projectUniqueName [0x80004003].

The error is shown in Visual Studios error list when I deploy the application to the HoloLens. Why does it occur and how do I get "rid" of it?

EDIT 1: Added player settings: