System Information
Operating system: Windows-10-10.0.19042-SP0 64 Bits
Graphics card: NVIDIA GeForce GTX 1070/PCIe/SSE2 NVIDIA Corporation 4.5.0 NVIDIA 472.12
Blender Version
Broken: version: 3.1.0 Alpha, branch: master, commit date: 2021-11-11 18:53, hash: rB0533f2851e7e
Worked: (newest version of Blender that worked as expected)
Open below file and apply the geometry node modifier. The material is deleted from the object.