I have the same issue in 1.16.10. In my case, it seems that m_AssetRefObject.SubOjbectType is null. I fixed it by adding extra check to AssetReferenceDrawer.cs on line 489. Correct code below but I’m not sure if it is actually correct
I have submitted bug report# 1294006 because they’re not going to fix something without one.
My temp solution at this point is to remove this condition out of the if as it appears that the “m_AssetRefObject.SubOjbectType” is always null (can you fix the typo while you fix this bug please?).
In my case, I upgraded from 1.8.5 to 1.16.10. After that, the AssetReferenceSprite links to sprites are no longer displayed in the property inspector. An error message is displayed with null exception. In version 1.8.5 m_SubObjectName is serialized and that was enough. In version 1.16.10, m_SubObjectType is also serialized. But after upgrading to the new version, the m_SubObjectName property is filled and m_SubObjectType contains null. To fix everything, I had to add the check that I wrote about above, and then in the inspector I need to re-select AssetReferenceSprite and specify the SubObject then everything is filled in correctly.