The erase_eeprom config.txt option causes recovery.bin to execute a chip-erase operation on the bootloader SPI EEPROM. This is a test/debug option and there is no need to manually erase an EEPROM before flashing it.

If the SPI EEPROM is erased then the Raspberry Pi will not boot until a new EEPROM image has been written via RPIBOOT or the Raspberry Pi Imager (Pi4 and Pi400 only).

cd erase-eeprom
../rpiboot -d .