Here are a couple of possibilities. Not sure how I feel about the second one, seems like dirt going through the engine would be bad for everything.
Premature Catalytic Converter Failure
October 22, 2014
If the catalytic converter has failed or DTC P0420 (Catalyst System Low Efficiency) or P0430 (Catalyst System Low Efficiency Bank 2) is set on some 2015 and prior GM cars and gasoline-powered mid-size trucks, light-duty trucks and heavy-duty trucks, inspect for a poor crimp at circuit terminal on the engine bank with the condition.
Inspect the ground for possible corrosion or damage at the ground terminal ring, fasteners and grounding surfaces. (Fig. 12, 13) If no corrosion or damage is found, tighten the ground bolt to the proper torque specification. (Fig. 14)
Fig 12
Fig 13
Fig 14
– Thanks to Richard Renshaw
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Air Filter Box Seal Leak
April 25, 2016
On some 2014-2016 Corvette, Silverado, Sierra; 2015-2016 Escalade models, Yukon models; and 2016 CTS and Camaro equipped with a V8 engine (RPOs LT1, LT4, L83, L86, LV1, LV3), the MIL may be illuminated and DTCs P0420 (Catalyst System Low Efficiency) and P0430 (Catalyst System Low Efficiency Bank 2) may be set. These conditions may be caused by excessive dirt/debris entering the air filter box and bypassing the seal of the air filter, causing damage to the H02 sensor element (Fig. 15) and blocking the catalytic converter. (Fig. 16)
Fig. 15
Fig. 16
Do not replace any parts for these conditions until the air filter housing has been validated to be completely sealed.
Inspect the air housing cover for any missing tabs or fasteners. Also remove the air filter housing cover and inspect the seal around the filter as well as the air filter sealing surface for signs of not contacting the air filter seal. (Fig. 17)
Fig. 17
In addition, look for dirt/debris in the air filter housing cover bypassing the air filter. (Fig. 18)
If dirt/debris is bypassing the air filter due to a faulty seal, replace the air filter. If the air filter housing is not properly sealing, refer to the appropriate Service Information for additional diagnostic procedures.
Fig. 18