I have found this to be locally reproducible with:
$ autopkgtest --shell-fail --apt-upgrade --no-built-binaries 
--testname=boot-and-services 
--apt-pocket=proposed=src:systemd,src:dbus,src:iproute2,src:glibc 
systemd_239-7ubuntu6.dsc -- qemu --qemu-options='-cpu host' 
--qemu-command=qemu-system-i386 --cpus 8 --ram-size=4096 
~/autopkgtest-cosmic-i386.img

What I see is that it really is failing.
There are plenty of crashes in journal but those seem to be a swarm of red 
herring.

The first start of gdm ends with X11 initializing and giving up like:
/usr/lib/gdm3/gdm-x-session[pid]: dbus-daemon[1112]: [session uid=119 pid=1112] 
Activating service name='org.freedesktop.systemd1' requested by ':1.0' (uid=119 
pid=1053 comm="/usr/lib/gdm3/gdm-x-session gnome-session --autost" 
label="unconfined")
/usr/lib/gdm3/gdm-x-session[pid]: dbus-daemon[1112]: [session uid=119 pid=1112] 
Activated service 'org.freedesktop.systemd1' failed: Process 
org.freedesktop.systemd1 exited with status 1
/usr/lib/gdm3/gdm-x-session[pid]: Unable to register display with display 
manager


But if you log in later and run "systemctl restart gdm" then all initializes as 
it is supposed to.
It seems something yet unknown isn't available at early boot.

I compared the X11 init of good/bad case but there is no difference
(e.g. in detected HW), the first things that fails/differs is the
org.freedesktop.systemd1 activation.

But the boot start of gdm seems to be really (too early?) as halfway through I 
see:
  "Reached target Basic System"

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https://bugs.launchpad.net/bugs/1790478

Title:
  gdm3 in cosmic fails to start fully in autopkgtest

Status in gdm3 package in Ubuntu:
  New
Status in systemd package in Ubuntu:
  New

Bug description:
  In systemd package for a while, there is a boot-and-services test
  case, which tries to install common/typical things and ensure they
  continue to operate with new systemd.

  One of the test cases is gdm3. The test case dependencies are:

  Tests: boot-and-services
  Depends: systemd-sysv,
    systemd,
    udev,
    systemd-container,
    systemd-coredump,
    libpam-systemd,
    xserver-xorg-video-dummy,
    xserver-xorg,
    gdm3 [!s390x],
    cron,
    network-manager,
    busybox-static,
    apparmor,
    pkg-config,
    python3

  The test does following:
  out = subprocess.check_output(['ps', 'u', '-C', 'gdm-x-session'])             
                                                                     
  self.assertIn(b'gdm-x-session gnome-session', out)                            
                                                                     
  out = subprocess.check_output(['ps', 'u', '-C', 'Xorg'])                      
                                                                     
  self.assertIn(b'Xorg vt1', out)                                               
                                                                     
  self.active_unit('gdm')

  However, this now errors out upon the first command, meaning gdm-x-session is 
not running anymore.
  On bionic, this test case continues to operate correctly in the autopkgtest 
cloud.

  test_gdm3 (__main__.ServicesTest) ... ERROR

  ======================================================================
  ERROR: test_gdm3 (__main__.ServicesTest)
  ----------------------------------------------------------------------
  Traceback (most recent call last):
    File 
"/tmp/autopkgtest.RNx2A1/build.2Wy/src/debian/tests/boot-and-services", line 
66, in test_gdm3
      out = subprocess.check_output(['ps', 'u', '-C', 'gdm-x-session'])
    File "/usr/lib/python3.6/subprocess.py", line 336, in check_output
      **kwargs).stdout
    File "/usr/lib/python3.6/subprocess.py", line 418, in run
      output=stdout, stderr=stderr)
  subprocess.CalledProcessError: Command '['ps', 'u', '-C', 'gdm-x-session']' 
returned non-zero exit status 1.

  ----------------------------------------------------------------------
  Ran 24 tests in 18.974s

  FAILED (errors=1)

  From http://autopkgtest.ubuntu.com/packages/systemd/cosmic/i386

  Thus it looks like there is a regression or a change of behavior of
  gdm3 in the cloud in cosmic; since bionic continues to work correctly.

  I will mark this test as an expected failure for now, and monitor it
  separately, as currently, this is blocking many migrations.

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