Geoprocessing.MakeValueArray function drops the vertical coordinate system from the passed SpatialReference objects. It looks like only the WKID is preserved as a string instead of the whole Wkt.
SpatialReference EOVEOMA = await ArcGIS.Desktop.Framework.Threading.Tasks.QueuedTask.Run(() =>
SpatialReferenceBuilder.CreateSpatialReference(23700, 5787));
IReadOnlyList<string> Parameters = Geoprocessing.MakeValueArray(GDBPath, FCName, "POINT", "", "DISABLED","ENABLED",
EOVEOMA, "MAX_FILE_SIZE_4GB", "", "", "", Alias);
And the result is just "23700" in the 7th item on the Parameters variable. The workaround: just pass the Wkt property of the SpatialReference object instead the object itself. It seems like a bug.