Thank you for the response.
The device the MX was plugged into prior to the change and after the change was an HP 8200zl switch. It is providing L3 routing. During the confusion (there was and still is a lot) we swapped out the HP 8200 switch with a MS425 and had the same issue.
I understand the point you are making regarding the limit being placed on the MAC address. The issue I am having trouble resolving in my brain is that we have MXs at other sites with the same bandwidth limit setting that are plugged into similar HP L3 switches that don't exhibit the same behavior. Some use trunks, some use access ports. None of them have ever had this issue.
When we put in the case with Meraki support the tech was quick to point out the bandwidth limit which got us back on track quickly, but it took us a while to get to that point because the HP switch was the focus of our troubleshooting efforts based on the fact the other MXs weren't having any issues iPerf testing clearly showed the effect of the bandwidth limit, but left me really scratching my head.