Update!
I tested the same Crucial X8 2TB SSD drive on another Mac with a USB-C input and it ran at essentially full speed. Almost 900 MB/s. This was an authorized Apple service place, but not Apple themselves. The service agent suggested I plug the drive into the front of the Studio with no other things plugged into any other USB port, including the USB-A ports on the back. I did that and lo and behold, the X8 ran at full speed.
I then plugged my USB-A external hard drive in the back (8TB Western Digital Time Machine drive) and now the X8 would only run at about 500 GB/s again. I tried unplugging my 8TB HD and plugging in my USB-A hub (printers, scanner...) and again, slower speed on the X8. So it seems that plugging anything at all into any other USB port slows down the X8 SSD. Is this normal behaviour?
The fix is to use the rear Thunderbolt port, even though it's a USB drive, but I also want to know if this represents any kind of hardware fault while the Mac is still under warranty. The agent said he would be willing to swap out the whole motherboard, but I really don't want to bother with that unless I know it needs to be done. Is it normal for the USB ports to slow down when anything else is on the same controller? This assumes the USB-A ports are on the same controller as the front USB-C, which it seems it might be.