I intend to agree with you, but I used now 2 cables on the HP 23 as well as HP26.
On the HP 23 there is no issue with either cable, so always orange ring.
On the HP 26 I have the issue with both cables.
I just redid the test with the laptop connected to power and used a 3td cable (non Athom). Same issue.
I switched now to a MAC-mini. Same issue..
Then there’s no issue with the cable. Maybe your PC doesn’t provide enough power on its USB ports?
Do you have a USB power supply, other than the one that came with Homey? I wonder if perhaps the HP2026 is missing some resistors on the USB-C port to tell the host (i.e. your computer, or a “smart” power supply) to provide power on the port.
Just noticed that just connecting it to the power supply, I have the same issue with the white ring.
So no white ring showing? Does your Homey actually still work? 
But when I turn the connector I do have a white ring.. and after a while the white rings turns off and the HP26 “functions..”
So at which side do you turn the connector, on the Homey side or on the power supply side? Also, you don’t have an Ethernet adapter sitting between the power supply and Homey, do you?
No Ethernet adapter.
I used different sources, 2 different USB adapters, 2 different PC’s (Laptop & MAC-Mini), 3 different cables, and as a reference, my HP 23 always works.
In the situation that it doesn’t work I can not get it to work by turning the connector on the power supply side.
In the situation, it does work; it remains working by turning the connector on the power supply side.
On the Homey side, I can always get it to work/not work by turning the connector.
You might be right in that this is a hardware issue on the Homey side. You’ll have to issue a support request to Athom with your findings, as this is a community forum that isn’t used for customer support by Athom.
