Boiling fluid would be a spongy pedal that drops to the floor.
The other possibility is straight up pad fade which would be a lot like what’s described by the OP.
I just registered the OP mentioned RallyX - if there’s a lot of aggressive left foot braking, or otherwise continuous use of brakes with very little cooldown in between, it’s possible to straight up overheat the pads, especially as they get thin and near end of life (just not as much pad thickness/mass to absorb the heat.
Stock pads or aggressive street pads can handle heat of very mild HPDE/autocross events, but they are not up to any kind of long duration abuse where abuse is defined as constant heavy braking for more than a few minutes without cooldown in between.
In summary, could definitely be pads overheating, especially if they’re not fairly new (<1/2 thickness) and if the OP is just using stock/street pads. The pad type/brand was not mentioned which is important info